Esure shares rose 30.7% after the Sunday Times reported that Sir Peter Wood, the firm's biggest shareholder, has been in talks with would-be buyers of the motor insurer. Wood, who owns a 5% controlling position, is seeking to close a deal next month, the Sunday Times said. Despite private equity firms' interest in Esure, an American insurance company is most likely to buy the stake in the firm, the report said. Esure's pre-tax profits rose 44.6% to £45.1m in the six months to 30 June. A sale of Wood's stake could trigger a sale of the whole business.
Esure shares rose 5% after the Sunday Times reported that Sir Peter Wood, the firm's biggest shareholder, has been in talks with would-be buyers of the motor insurer. Wood, who owns a 30.7% controlling position, is seeking to close a deal next month, the Sunday Times said. Despite private equity firms' interest in Esure, an American insurance company is most likely to buy the stake in the firm, the report said. Esure's pre-tax profits rose 44.6% to £45.1m in the six months to 30 June. A sale of Wood's stake could trigger a sale of the whole business.