French Insurance Firm May Buy Swiss Rival

French insurance firm Axa is in talks to buy industry rival Winterthur, an insurance company owned by Credit Suisse Group, according to a report in a Swiss newspaper.

Late last month, the Swiss banking company said it had completed the paperwork for a possible public sale of stock in the insurance division this month.

Credit Swiss spokesman Andres Luther declined to comment on news of a possible divestiture, saying only that the company “is preparing Winterthur for a capital market transaction at the end of June.”

SonntagsZeitung, a Swiss weekly, cited “insider information” as the source for its report on the negotiations.

From Bloomberg News

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Today

* Treasury Department reports on federal budget for May, Treasury bill auction.

* Federal Reserve Chairman Ben S. Bernanke speaks at an American Bankers Assn. event.

Tuesday

* Commerce Department reports on retail sales for May.

* Labor Department reports on producer price index for May.

* Commerce Department reports on business inventories for April.

* Internal Revenue Service Commissioner Mark Everson testifies before the Senate Finance Committee on corporate tax issues.

Wednesday

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* Federal Reserve releases survey of regional economic conditions.

* Senate Banking Committee holds hearing on proposed pension accounting changes.

* House Ways and Means Committee holds hearing on the Medicare drug benefit.

Thursday

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* Mortgage company Freddie Mac reports on loan rates.

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* Quarterly earnings reports expected from Adobe Systems Inc. and KB Home.