Direct Line gives nice surprise to get £573m

By Andrew Griffin
27 Sep 2013

Royal Bank of Scotland successfully completed its highly anticipated third sale of its stake in UK insurer Direct Line Group on Thursday night, with investors piling into the larger than expected deal.

RBS sold 272.7m shares, plus a 27.3m greenshoe that takes the total deal to 20% of the company and will leave RBS with a 28.5% stake. The greenshoe was appreciated by investors, and should help avoid a repeat of the slight wobble that was seen in the share ...

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