Beleaguered Northern Irish group said to be negotiating giving up part of its business

Laing O'Rourke is negotiating with the beleaguered Quinn Group to take over part of its business, according to a newspaper report.

Quinn Group, which is based in Northern Ireland, is struggling with debts after its insurance division entered administration last month. Now, according to the Belfast Telegraph, Laing O'Rourke wants to buy part of the empire - the cement and block building arms is the expected target. According to the newspaper, a delegation from Laing O'Rourke spent two days at Quinn's offices in Northern Ireland discussing the deal earlier this week.

Quinn became Laing O'Rourke's insurer earlier this year, but administrators say the policy is not affected. Neither Laing O'Rourke nor Quinn would comment on the negotiations.