Dutch insurer Aegon mulls a bid for Scottish Widows
Saturday 26 June 1999
The move could give Aegon the presence it has long been seeking in the UK long-term savings market. Although Equitable has been a big contributor to the Dutch group's earnings, Aegon has admitted for some time that the business has neither the scale nor the brand presence that it is really seeking and which Widows would provide.
A bid now would run counter to the group's stated philosophy of avoiding contested situations. However industry sources say that the opportunity may be such that Aegon is prepared to set aside that principle in this case.
Given Equitable's presence in Edinburgh in asset management, and back office administration, a deal would provide scope for cost savings which might enable Aegon to justify a higher price than the pounds 7bn being offered by Lloyds. There is clearly a potential overlap with Scottish Widows' own investment management and administration in Edinburgh. An Aegon spokesman refused to comment yesterday.
City sources have said over the past few days that a continental European buyer is far more likely to be in a position to offer to beat Lloyds' price. The Royal Bank of Scotland which was rumoured to be considering a counter-bid specifically ruled itself out yesterday. Other British high street banks have refused to comment officially. Investment bankers said Lloyds' bid was reckoned to be generous, but not a knock-out blow that would deter other bidders from moving in.
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 Florida couple forced to register as sex offenders for having sex on public beach
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Italian police 'reveal' what Jesus looked like as a young boy
Florida couple forced to register as sex offenders for having sex on public beach
Mysterious 'X-Files' sounds heard miles above the Earth
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian with near-naked ensemble
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...