Friends Provident could offload its 53% stake in asset management firm Foreign & Colonial, according to national newspaper reports over the weekend.
Speculation surfaced Friends Provident will sell its stake in F&C as part of a current strategic review in a bid to raise capital.
The deal could net the firm in excess of £430m, The Mail on Sunday reported.
A spokesperson from Friends Provident says the firm has not made a concrete decision on any part of the business.
“We plan to outline the details of the strategic review in our Q4 results, which will be released on January 31,” she says.
“The press stories are pure speculation and we will not confirm or deny any rumours in the press.”
Selling to a single buyer would force a full takeover offer which could exceed £1bn according to the report. Threadneedle Investments, Aberdeen Asset Management and Henderson Global Investors are said to be interested in making a bid for F&C.
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