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GE Capital gives up chase for Equitable

GE Capital has abandoned its attempt to buy Equitable Life. GE Capital had made an improved offer to Equitable, after the mutual had reached an agreement worth up to £1bn with Halifax last Monday.

The GE Capital offer was worth £1.5bn, £400m of which consisted of a loan. The balance would have been made up of several conditional payments over five years.

Equitable preferred Halifax&#39s £1bn bid as it guaranteed £500m up front and a further £500m payment depending on an agreement being reached with policyholders and sales targets being hit.

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