THE STRUGGLING Australian insurer AMP is to close its UK life insurer NPI to new business, writes th...
THE STRUGGLING Australian insurer AMP is to close its UK life insurer NPI to new business, writes the Telegraph.
The move marks a capitulation by AMP in its attempt to sell NPI and several other businesses after announcing last month plans to demerge its UK operations as a separate company called Henderson.
This new business would include fund manager Henderson, and UK life insurance businesses Pearl, NPI and London Life as well as IFA Towry Law, Ample, the internet portal, and half of Virgin Direct.
At the same time as AMP announced the demerger, it also said it was interested in finding a buyer for the NPI business.
But it is assumed AMP has been unable to find a buyer and has therefore decided to close the NPI life insurance business to new sales while running off its existing policies.
A spokesman for the insurer yesterday said he would not comment on "market rumours".
ALSO IN THE spotlight this morning were PPL Therapeutics' directors who will come under renewed pressure to quit today as investors questioned them on the collapse in development of their key lung disease treatment at their annual meeting in Edinburgh, reports the Scotsman.
This comes as PPL – famous for the cloned sheep Dolly - revealed yesterday that German drugs group Bayer pulled the plug on a project to commercialise recAAT.
The blow has led to a major restructuring of the company and major job cuts are expected.
MEANWHILE IN EUROPE, UK travel group MyTravel is suing the European regulators for their decision to block its bid for the rival First Choice, writes FT.
This is the first time a company has brought a case for damages against the European Commission over a merger veto.
If successful, MyTravel will demand £518m in damages.
The case was launched after the Court of First Instance, Europe's second-highest court, squashed the commission's veto a year ago saying the Brussels authorities failed to prove the £950m bid would have created an anti-competitive monopoly in the UK travel market.
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