US analysts bearish on XL's Catlin bid

Equities analysts covering XL Group are showing only limited
enthusiasm for the P&C (re)insurer's £2.5bn bid for
London-listed carrier Catlin Group, which was announced yesterday
(17 December).
Analysts flagged up the double-digit dilution that the proposed
terms would inflict on XL's shareholders, the halt that it
would call to accretive buybacks and the execution risk associated
with a major acquisition.
Bernstein analyst Josh Stirling downgraded XL to underperform
and slashed