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CGU throws weight behind RBS bid

CGU is lending further weight to Royal Bank of Scotland&#39s takeover bid for National Westminster Bank in its £20m buy-out of RBS shares.

The purchase is the first since CGU&#39s November announcement it would pay £150m for a 50 per cent stake in Royal Scottish Assurance, the bank&#39s life subsidiary.

CGU are buying 1.85m RBS shares at £10.783 per share, 19 per cent less than it would have paid when the joint venture was announced.

RBS are hoping CGU&#39s move will boost its flagging share price which has left the bank&#39s value plummet by £4bn since the launch of its Natwest bid in November.


R&SA tipped for takeover

Royal & Sun Alliance is tipped to be first to fall to a takeover deal this year, according to city mergers and acquisition watchers.Anglo-Swiss group Zurich is set to be the likely bidder for the company.Mergers and acquisitions hotshots are hoping any activity surrounding R&SA will herald a bumper year for takeovers.Other top targets for […]

World Bank bond unveiled

The World Bank is unveiling the first international bond to be marketed, sold and traded via the internet.The bond is targeting both retail and institutional investors and is principally underwritten by Goldman Sachs and Lehman Brothers with internet brokerages Charles Schwab and Fidelity Brokerage Service.The partnerships will give the bond access to 8m retail accounts […]

Carpetbagger fightback

Carpetbaggers are planning their fightback following a series of blows from pro-mutual Portman Building Society.The internet site co-ordinating the demutualisation attack says it may lodge a complaint to the Building Societies Commission against the society.The move follows Portman&#39s scuppering of demutualisation resolutions and the ousting of carpetbagger ringleader Richard Yendall.Portman is continuing to refuse […]

Aberdeen asset boost

Funds under management at Aberdeen Asset Management have received a £660m boost following backing the takeover of a South African life assurance subsidiary.AAM bought shares worth £10m in London-based Century Group to help it with acquisition of the Old Mutual Life Assurance Company, the UK unit of South African Old Mutual.Century specialise in buying and […]


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