Phoenix Group terminates talks over sale of European businesses

Long-term savings and retirement company Phoenix Group said on Tuesday that discussions regarding the potential sale of its European businesses have ended.

Phoenix had received unsolicited expressions of interest for the businesses and was in advanced talks with a third party about a potential sale.

"However, the board has concluded that the transaction under consideration would not maximise shareholder value and therefore discussions have been discontinued," it said.

"Phoenix Europe continues to offer the group strategic optionality. Phoenix will now progress a range of management actions to maximise shareholder value whilst ensuring we continue to support our customers and colleagues."