RBS rules out Widows counterbid

RBS rules out Widows counterbid

THE ROYAL BANK of Scotland yesterday formally ruled out gatecrashing the pounds 7bn takeover by Lloyds-TSB of Scottish Widows, the Edinburgh based life insurance mutual. The statement was in response to widespread speculation that the bank, which has two joint ventures with Widows, was preparing a counterbid. Bankers say that they believe it unlikely that a British clearing bank would take on Lloyds. However, they said that a bid from an insurance group such as CGU or a foreign player such as Allianz was more likely.