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COPENHAGEN, April 2 (Reuters) - Shares in Danish insurancegroup Codan (CODAN.CO: Quote, Profile , Research) rose as much as 5 percent on Monday on areport its majority shareholder Royal & Sun Alliance (RSA.L: Quote, Profile , Research) ofBritain was considering a bid for the entire company.

According to a report in The Sunday Telegraph the insurancegiant is considering a move to buy out the minority shareholdersin Codan in a deal that would be worth close to 600 millionpounds ($1.18 billion).The review of its stake follows a drop in profits at Codan"which has caused some disquiet among the minority shareholdersin the Danish-listed subsidiary," the Telegraph said.

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