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The talks with Ageas are not the first time that Saga has explored a transaction involving its insurance business.
In February last year, it held talks with Open, an Australian company, about a sale of the division but the talks fell apart.
Saga, which has been labouring under the weight of a large debt pile for years, is also in discussions about a similar partnership model for its cruises division, although these are understood not to be quite so advanced.
Last year it tapped its chairman, Roger de Haan, for a £35m loan, adding to the substantial sum of money it owes him.
The company’s shares have fallen by nearly 10% during the last 12 months, leaving it with a market capitalisation of just over £155m.
Mr de Haan, the company’s former chief executive, was parachuted back in to lead a turnaround in the summer of 2020, investing £100m as part of a broader capital-raising.
That came after it spurned a takeover bid for the whole company from private equity investors.
At the start of last year, it unveiled a global website called Saga Exceptional, aimed at providing advice and services to over-50s consumers.
Shares in Saga closed on Tuesday at 112.6p.
Ageas and Saga declined to comment.
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Publish date : 2024-10-01 11:35:00
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