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IL&P shareholders challenge State takeover of group’s assurance arm Irish Life

SHAREHOLDERS in Irish Life & Permanent have taken a legal challenge in a bid to block Finance Minister Michael Noonan from taking over its Irish Life division for €1.3bn.

Last month the High Court made directions allowing for the takeover of the businesses following a failure to find a buyer for it on the private market.

The proposed sale to the State is part of the recapitalisation of IL&P as part of the EU/IMF/ECB troika agreement.

However, earlier this week a number of shareholders took a challenge to the have the court’s direction orders set aside.

Today in the High Court Justice Patrick McCarthy granted IL&P permission to bring a motion seeking to have the company included as a notice party to the shareholder's challenge.