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RBS (RBS) will sell shares in its Direct Line insurance unit for less than expected in order to...

RBS (RBS) will sell shares in its Direct Line insurance unit for less than expected in order to attract investors, the FT reports. At the mid-point of its target price-range, Direct Line will be valued at £2.6B, below consensus of £2.7B-£2.9B and the £3.4B that some banks on the deal were pushing for. RBS could issue a prospectus this week.
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