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Zurich’s purchase of RSA, its biggest since 2000, would allow it to expand in the U.K. and Latin America as well as access RSA’s profitable Scandinavian and Canadian units at a time when its own profit is in decline. (Photo: AP Photo/SteffenSchnmidt)

(Bloomberg) — RSA Insurance Group Plc rose in London trading after Switzerland’s Zurich Insurance Group AG proposed to buy the company for about 5.6 billion pounds ($8.8 billion).

The shares increased 5.1 percent to 520 pence at 9:11 a.m., short of Zurich’s conditional offer of 550 pence a share. RSA will relay the bid to shareholders provided satisfactory terms are met, including due diligence, it said in a statement from London on Tuesday. U.K. regulators have given Zurich until Sept. 22 to make a firm offer.

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