The proposed €1.3bn sale of Irish Life and Permanent’s life assurance business, the Irish Life Group, to the Minister for Finance undervalues the company’s “crown jewels”, it was claimed before the High Court yesterday.

A man who bought €200,000 of shares in Irish Life & Permanent is to appeal a High Court ruling that he is not legally entitled to represent the company in proceedings challenging the Government’s recapitalisation of IL&P.

The European Commission has granted temporary approval, under EU state aid rules, to a government recapitalisation worth up to €3.8bn for Irish Life & Permanent.

Shares at pharmaceutical company Elan tumbled 6% today after sales of its multiple sclerosis drug Tysabri came below expectations.

REPORTS that AIB is looking at the sale of Ark Life to Hibernian scuppers any chance of a bid by the bank for Irish Life & Permanent.