Saga and AA unveil £6.2bn merger plan

Saga and the AA unveiled surprise plans for a £6.2bn (€9.2bn) merger today, creating one of the UK's largest private equity-owned companies.

As the tie-up between the two household names is structured as a takeover of the AA, managers and staff at the motoring organisation, which is owned by heavyweight buy-out firms Permira and CVC, can expect bumper rewards.