Legal & General has prepared a defence document to ward off an unwanted takeover approach from Clive Cowdery's Resolution vehicle.
Advisers to the insurance group, including Nomura and UBS, are thought to have worked on the document as speculation continues to swirl about which insurance company is next on Mr Cowdery's list of targets, the Telegraph writes.
Resolution raised £600m from investors when it floated on the London Stock Exchange last year. The company was set up to consolidate the life insurance industry and agreed to buy Friends Provident for £1.86bn in an all-share purchase in August.
Resolution is thought to be eyeing a move for Clerical Medical or Scottish Widows next, both owned by the part-nationalised Lloyds Banking Group, although L&G is also known to be on its radar. Full story...
ROYAL Bank of Scotland, the part-nationalised lender, has been accused of "blackmailing" companies by demanding they sign it up as an investment banking adviser in return for debt, reports the Telegraph.
Several companies, which declined to be named, have expressed concerns about RBS's aggressive tactics in return for much-needed credit.
One chief executive of a FTSE 250 company said: "They have us over a barrel. What can we do right now? Nothing. They are in everyone's facility. No one will be able to escape.
But wait two years, when the lending market recovers, and we will never do business with RBS again." Full story...
Will assess regulation
Client was warned of risk
Megan Butler keynote speech at Women in Finance summit
Market anticipates a May hike
Newly-formed Mobius Capital Partners