Allianz, a financial services business located in Germany, is contemplating a £5 billion ($6.77 billion) takeover attempt for AA, the breakdown recovery group.
Founded in 1905 by a group of car enthusiasts and well-known in Britain for its yellow recovery vans, AA went public in 2014 at 250 pence per share from its former private equity owners.
Private equity firm EQT was another bidder, and Allianz is one of a few firms that have been discussing a transaction with advisers to the AA.
The AA’s private equity owners have been pursuing a “dual-track” procedure for most of this year, with a public listing on the London Stock Exchange as an option to a sale.
Last year, the Financial Times revealed that the British roadside rescue company was looking for buyers and was aiming for a £5 billion sale.
