Novae will not acquire Chaucer

by David Masters

Story link: Novae will not acquire Chaucer

Rival underwriters Novae and Chaucer will not merge after talks between the two companies fell through.

Novae said it had not been possible to work out a deal that was in the interests of shareholders.

Chaucer, which recently reported its first annual loss in seven years, said it is in continued discussions with other companies regarding a possible take over of the business.

Novae first expressed interest in acquiring Chaucer in January. An unspecified number of companies followed suit.

Chaucer posted pre-losses of £26.2 million for 2008.