Belgian insurer Ageas abandoned its pursuit of Direct Line after two rejected offers.

Direct Line shares plummeted after Belgian insurer Ageas abandoned its pursuit of the company following two failed attempts to engage with the board. Ageas, which valued Direct Line at £3.2bn, had previously sent an initial proposal in January and improved its offer in March. Both were rejected by Direct Line, which labelled the second offer as "uncertain, unattractive and highly opportunistic."