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.
- 3 The enemy within: People who hear voices in their heads are being encouraged to talk back
- 4 British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Paris attacks: Do not call Charlie Hebdo killers 'terrorists', BBC says
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
30,000 reasons why the rhetoric on immigrants claiming benefits can stop now
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...