June 22, 2005 by Canadian Underwriter
Royal & SunAlliance Insurance Group Plc recently agreed to sell its 20% stake in Rothschilds Continuation Holdings AG the company that controls the U.K. arm of the Roschild investment bank.
Royal & SunAlliance (R&S) are selling the stake to Jardine Strategic Holdings Limited (a Hong Kong-based investment company) for a reported $185 million. The Rothschilds Continuation Holdings Employee Share Trust will acquire the remaining 1.5% of stake.
The final dividend will be paid to R&S.
This transaction, which follows discussions of the disposal of a strategic holding, represents a US$110 million gain for Royal & SunAlliance.