22nd Apr 2016 15:02
LONDON (Alliance News) - UK insurer Phoenix Group Holdings is the frontrunner to buy its smaller UK rival Sun Life, according to a report in the Financial Times, for as much as GBP500 million.
Sun Life is being sold by France's AXA SA de CV, and a deal could be agreed as soon as next week, the report said, although people close to the situation warned nothing had been finalised.
Phoenix also is bidding for Abbey Life, a Bournemouth-based life assurer being sold by Deutsche Bank, as part of its larger acquisition drive to increase its scale, according to the FT.
http://www.ft.com/cms/s/0/6e1d30d4-0875-11e6-b6d3-746f8e9cdd33.html#axzz46ZDlPqHk
A spokesperson for Phoenix Group declined to comment on the report to Alliance News.
Phoenix Group shares were trading down 0.1% at 886.00p on Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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