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St.
Paul Denies Merger Talks With Zurich Financial (Update1) March 19 (Bloomberg) - St.
Paul Travelers Cos., the second-
biggest U.S.
commercial insurer, says it isn't in discussions to
buy Zurich Financial Services Group.
Reports that the company would merge with Zurich Financial,
the biggest Swiss insurer, aren't true, St.
Paul, Minnesota-based
St.
Paul said in a statement distributed by Business Wire today.
On March 17, the Wall Street Journal said St.
Paul may buy
Zurich, which would create a company with more than $90 billion
in annual revenue, closing in on American International Group
Inc.
in New York and Allianz AG in Munich, Germany.
The Journal
didn't mention a price.
Zurich spokesman Daniel Hofmann declined
to comment that day.
The shares rose 5 percent in Zurich Friday.
St.
Paul was prompted to release a statement because of the
``definitive manner'' of the merger re...
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