Suncorp has said in response to an Australian Securities Exchange price query that it is not in discussions regarding a takeover and that it has not received an offer.

The company says it is not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities. 

“Suncorp is aware of a speculative article published in the online [edition] of The Australian newspaper headlined ‘Tokio Marine and Suncorp said to have held preliminary takeover talks’,” it says. 

“This article was published shortly before the increase in Suncorp’s share price and trading volumes. Suncorp confirms that it is not in discussions regarding a takeover and that it has not received a takeover offer.” 

The Australian had reported in July that Tokio Marine was interested in Suncorp and IAG, while an article published online yesterday said that “Suncorp is understood to have entered preliminary discussions” with Tokio Marine, and executives had travelled to Japan for talks, but it was “understood that as of last week there had yet to be any formal inbound proposal”. 

The UK’s Financial Times also in August reported that Suncorp was the preferred target for Tokio Marine. That article said the Japanese insurer had also looked at IAG and Canada's Intact Financial Corporation.

Suncorp shares closed up 4.8% at $19.97 yesterday.