Australia's QBE drops 8.35 billion US takeover bid for IAG

SYDNEY (AFP) — Australian-listed global insurance group QBE Insurance said Wednesday it had withdrawn an 8.7 billion (8.35 billion US) dollar takeover bid for Insurance Australia Group (IAG).

QBE said its had dropped its merger proposal after the IAG board late Tuesday rejected a sweetened takeover offer.

"QBE Insurance Group today advised that it has withdrawn its proposal for a merger with IAG after IAG's board formally rejected QBE's proposal," QBE said in a statement to the Australian Securities Exchange.

"QBE understands its final proposal on price was well short of IAG's expectations."

QBE said it would look at other acquisition opportunities.

"QBE will now continue to focus on the pipeline of acquisitions that have been accumulating in recent months," QBE chief executive Frank ...