Chubb Arabia, Saudi AlAhli Takaful discontinue merger discussions

The bilateral discussions aimed to explore mutual interests for the companies’ shareholders

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Riyadh – Chubb Arabia Cooperative Insurance Company and AlAhli Takaful Company (ATC) announced they agreed to end and discontinue merger discussions.

The announcement has no material impact of the financial statements of the two insurers, according to a bourse filing on Wednesday. 

On 19 February, the boards of the two companies started initial talks over a possible merger.

The bilateral discussions aimed to explore mutual interests for the companies’ shareholders.

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