Report: MetLife, Hartford Financial Talked Merger
October 9, 2008
Struggling insurers MetLife (MET) and Hartford Financial Services (HIG) recently explored a merger, but the talks didn't get them anywhere, The Wall Street Journal reported.
Both insurers have seen their stocks plummet in recent days as they have reported third-quarter losses and raised millions in capital.
MetLife lost one-quarter of its market value on Wednesday after the largest U.S. insurer disclosed plans to slash thousands of jobs on top of raising $2.76 billion in a common stock offering. The sale of 75 million common shares was priced at $26.50 a share on Thursday.
Earlier this week Hartford raised $2.5 billion through an investment from German insurance giant Allianz.
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