The German insurer Allianz is reportedly weighing a £5bn takeover bid for the AA, Britain's breakdown recovery firm, according to Sky News. Allianz is said to be one of several parties in talks with the AA's advisers, with private equity firm EQT also understood to be a bidder. A sale of this scale would mark a significant shift for the 121-year-old company, which is instantly recognisable in the UK for its yellow recovery vehicles.

The AA's private equity owners, TowerBrook and Warburg Pincus, have spent most of this year running a dual-track process, weighing a private sale against a return to the London Stock Exchange. The pair took the AA private in 2020 after it had first floated in 2014, and the Financial Times reported last year that owners were already exploring a £5bn sale. The AA was originally founded by motoring enthusiasts in 1905.