Insurers in joint bid for Scottish Widows

A joint £8bn (€11.9bn) bid has been made for Scottish Widows, the life insurance arm of Lloyds TSB, it was reported today.

European insurers Axa and Swiss Re have put together a break-up proposal which would see France's Axa take control of most of Scottish Widows, including its fund management arm, according to the Sunday Telegraph.