Anglo bid 'on' for Quinn insurance
ANGLO Irish Bank is believed to be "actively engaged" with Quinn Insurance, despite a note from administrators that suggested that the takeover bid had collapsed.
Anglo's bid would see the bank take over the insurer to protect its €2.8bn exposure to Quinn Insurance Limited (QIL) founder Sean Quinn (right). The move is seen as the best chance of maintaining the 1,500 jobs at the group.
In an email sent to staff yesterday, the insurer's joint administrator Michael McAteer said there was "no Quinn/Anglo proposal". However, sources have suggested that the comment referenced the fact that founder Mr Quinn was not involved with the Anglo bid -- a joint effort between the Irish bank and Liberty Global.