French Insurance Firm May Buy Swiss Rival
French insurance firm Axa is in talks to buy industry rival Winterthur, an insurance company owned by Credit Suisse Group, according to a report in a Swiss newspaper.
Late last month, the Swiss banking company said it had completed the paperwork for a possible public sale of stock in the insurance division this month.
Credit Swiss spokesman Andres Luther declined to comment on news of a possible divestiture, saying only that the company “is preparing Winterthur for a capital market transaction at the end of June.”
SonntagsZeitung, a Swiss weekly, cited “insider information” as the source for its report on the negotiations.
From Bloomberg News
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Today
* Treasury Department reports on federal budget for May, Treasury bill auction.
* Federal Reserve Chairman Ben S. Bernanke speaks at an American Bankers Assn. event.
Tuesday
* Commerce Department reports on retail sales for May.
* Labor Department reports on producer price index for May.
* Commerce Department reports on business inventories for April.
* Internal Revenue Service Commissioner Mark Everson testifies before the Senate Finance Committee on corporate tax issues.
Wednesday
* Labor Department reports on consumer price index for May.
* Federal Reserve releases survey of regional economic conditions.
* Senate Banking Committee holds hearing on proposed pension accounting changes.
* House Ways and Means Committee holds hearing on the Medicare drug benefit.
Thursday
* Labor Department reports on weekly jobless claims.
* Federal Reserve reports on industrial production for May.
* Mortgage company Freddie Mac reports on loan rates.
* Senate Banking Committee holds hearing on mortgage company Fannie Mae.
* Quarterly earnings reports expected from Adobe Systems Inc. and KB Home.
