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Scottish Widows sales talks break down

Date: Fri, 22 Aug 03 Analysis

LONDON, UK - UK insurer Prudential and Lloyds TSB have reportedly held informal discussions over the potential sale of Scottish Widows, according to the Telegraph.

According to the paper, the discussions are understood to have ended as a result of the two firms remaining 'miles apart' over the price for the banking group's life insurance arm.

The Telegraph believes that attempts will now be made to integrate Scottish Widows more closely with Lloyds TSB, bringing it under the control of the bank's management.

The lines of communication between Lloyds TSB and Prudential are expected to remain open, although the chances of a deal being done anytime soon are now said to be 'vanishingly small'.

Both Prudential and Lloyds TSB yesterday said that they 'would not comment on market rumours', according to the Telegraph.

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