Phoenix Group Holdings Plc, the British long-term savings and retirement giant that owns Standard Life Assurance Ltd and ReAssure, is setting the record straight.

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“The board of Phoenix Group Holdings Plc notes the recent press speculation regarding the potential sale of its European businesses and confirms that it is now in advanced discussions in respect of a potential sale,” said Phoenix in a statement.

“A sale of the European businesses will only be considered if it maximises value for shareholders. Discussions are ongoing and there can be no certainty that any transaction will be agreed.”

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Described as the biggest in Europe, the London-headquartered life and pensions consolidator has businesses in Ireland and Germany.

No further details, such as the other party in the current talks, were provided.