Shane Ross: Anglo bid for Quinn is ‘dead in the water’
Eureko, RSA and others circle battered insurer
THE proposed takeover of the Quinn Group by Anglo Irish Bank is "dead in the water", according to a key player in the talks between parties to the crisis in Ireland's largest domestic insurance firm.
Revealing that the issue came to a head for Sean Quinn just two weeks ago when global lenders to the Quinn Group gathered for a showdown in Dublin, the leading corporate dealer insisted yesterday that neither the regulator nor the provisional administrators could tolerate the proposed bid from Anglo. “Anglo is a deeply damaged brand. No regulator could allow it to take over Quinn,” he told the Sunday Independent on the basis of strict anonymity.
Last week it was reported that Anglo Irish was prepared to provide €700m in cash for the Quinn Group, in exchange for majority control, in a desperate effort to salvage the faltering insurance giant. Sean Quinn owes the troubled bank €2.8bn, mostly for purchasing shares in Anglo. It is believed that top executives in Anglo are concerned that the Quinn repayments will be put at risk if Quinn Insurance is allowed to go into administration and is sold to a rival.