A joint venture between Anglo Irish Bank and Liberty Mutual has been named the preferred bidder for Quinn Insurance, Reuters reports. Quinn will not consider any other takeover offers now. After the deal wins regulatory approval, Boston-based Liberty Mutual will take a majority stake, while Anglo Irish will get a minority holding in the new company. All 1,500 jobs in Quinn Insurance will be retained. The company’s founder, Sean Quinn, and his family, which owe $4 billion to Anglo Irish, will have no role in the new company. Anglo will have no involvement in the day-to-day operation of the new company, adds Irish Times.
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