P&G Challenges $2.2B OneBeacon Sale Over Liability Worries

Law360, Los Angeles (April 24, 2013, 5:29 PM EDT) -- Procter & Gamble Co. and a dozen others sought Tuesday to block Trebuchet US Holdings Inc.'s proposed $2.2 billion purchase of OneBeacon Insurance Co. and its purchase of another insurer, arguing the deal would leave policyholders exposed to so-called long-tail asbestos and environmental liabilities.

Trebuchet, a subsidiary of the Bermuda-based Armour Group Holdings Ltd., is seeking to buy OneBeacon Insurance Co. and Potomac Insurance Co., according to its application to acquire the companies, filed in February with Pennsylvania insurance officials.

The proposed acquisition, in which Trebuchet...
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