Axa and Swiss Re are believed to have made an exploratory £8bn takeover bid approach for Scottish Widows to its parent, Lloyds TSB, reports the Scotsman .
A Lloyds TSB spokesman declined to confirm or deny the strong City rumours yesterday. The paper reports the spokesman as saying: "We never comment on rumour or speculation. But we would repeat that Scottish Widows is a core part of the group and we are committed to it." Eric Daniels, Lloyds TSB's American-born chief executive, and Sir Victor Blank, the bank's new chairman, both reiterated their commitment to Widows at the group's results presentation as the Scottish insurance subsidiary continued its strong march back into profit. LEHMAN BROTHERS has stepped up its assault on the lucr...
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