Anglo Irish confirms Quinn Insurance move

ANGLO Irish Bank has formally joined the race to take control of Quinn Insurance (QIL) by lodging an expression of interest ahead of yesterday evening’s bid deadline.

The nationalised bank has for some time been linked with some kind of takeover approach for the entire Quinn Group, given that it is directly owed €2.8bn by the Quinn family. Yesterday was the deadline for bids for QIL, which went into administration earlier this year.

International investment bank Macquarie is overseeing the sales process and although it was not commenting on matters yesterday, it is thought that between 20 and 30 bids were likely from a number of leading Irish and international insurance companies.