The Hibernian Group has not received any approach from its 28 per cent shareholder, Commercial General Union, to takeover the Irish insurer. In a statement issued to the Irish Stock Exchange yesterday, Hibernian referred to its chairman's comments to shareholders at last year's annual general meeting. At that time he said the board had not received any approach from CGU in relation to any offer which may or may not be made to shareholders. "The position has not changed in the intervening period," it added.

GCU was formed in June by the merger of Commercial Union and General Accident. A spokesman said the group is looking at all of its operations but suggestions that it was about to make a bid for Hibernian were "pure speculation".