Zurich-Beazley proposal draws scrutiny from Berenberg and Moody’s

In a January 20 note, Berenberg estimated 5.6% EPS accretion at the current indicated price, assuming 40% debt and cash funding with the remainder financed through share issuance. The broker said its modelling assumes no revenue or cost synergies. It also estimated accretion would remain above 4% up to around 1,430p, before dropping to 3.9% at 1,480p.