Pearl, Deutsche in the last lap for Abbey Life
Deutsche Bank and UK insurer Pearl Group are in the final round of bidding for bank Lloyds TSB’s closed Abbey Life insurance unit.
By Agencies |
LONDON: Deutsche Bank and UK insurer Pearl Group are in the final round of bidding for bank Lloyds TSB’s closed Abbey Life insurance unit, sources close to the matter said, confirming a Sunday newspaper report.
The outcome of the bidding for Abbey Life, worth about £900 million ($1.83 billion), could be announced as early as this week, the sources said. Lloyds is due to report first-half earnings on Tuesday.
Reinsurer Swiss Re and closed life fund specialist Resolution were also named as bidders, earlier in July. Since then, however, Resolution has announced an £8.6 billion all-share merger with rival Friends Provident.
The ‘Sunday Telegraph’ reported that Swiss Re had also pulled out. Pearl has built an almost 16% interest in Resolution since the tie-up with Friends was announced, saying that deal did not maximise value.
It is now considering options including a bid for Resolution, in which it holds the largest interest, a source close to the matter said last week.
The outcome of the bidding for Abbey Life, worth about £900 million ($1.83 billion), could be announced as early as this week, the sources said. Lloyds is due to report first-half earnings on Tuesday.
Reinsurer Swiss Re and closed life fund specialist Resolution were also named as bidders, earlier in July. Since then, however, Resolution has announced an £8.6 billion all-share merger with rival Friends Provident.
The ‘Sunday Telegraph’ reported that Swiss Re had also pulled out. Pearl has built an almost 16% interest in Resolution since the tie-up with Friends was announced, saying that deal did not maximise value.
It is now considering options including a bid for Resolution, in which it holds the largest interest, a source close to the matter said last week.
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