UK: AXA TO BID FOR NORWICH UNION OR CGU?

Article Abstract:

CGU or Norwich Union, which revealed a GB[pound] 17bn merger plan recently, may be the focus of a counterbid from insurance group, Axa. Since the CGNU merger was revealed, over GB[pound] 2bn has been erased from Norwich Union and CGU's combined worth. Norwich Union is regarded as the favoured target for Axa, which held talks with the former prior to its 1997 demutualisation. Axa has a UK quoted unit and significant overlap in the UK would allow it to attain savings from any merger. Norwich Union shareholders are scheduled to clear the agreement with CGU on 31 March 2000 at an extraordinary meeting and Axa feels that any initial approach would be via a hostile bid.

Axa

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UK: SHAREHOLDER TRIES TO PREVENT NU/CGU MERGER

Article Abstract:

A Norwich Union shareholder is trying to stop the merger between insurance groups CGU and Norwich Union (NU) because he believes it represents a "diabolical deal" for Norwich Union shareholders. Consultant, Michael Braham, who owns 4,000 shares claims that while NU is putting forward 54% of the profits, shareholders will only get 41.5% of the new group.

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UK: ALLIANZ MAY BID FOR EQUITABLE LIFE

Article Abstract:

German insurance group, Allianz, could table a bid for the UK-based savings group, Equitable Life, which is also attracting interest from leading UK life insurers, CGNU and Prudential. Allianz is believed to be worried at the vulnerability of its UK-based operation, Cornhill, which is losing out amid life and general insurance market consolidation. Schroder Salomon Smith Barney, which is acting as adviser to Equitable Life, is understood to be seeking GB[pound] 3bn to GB[pound] 4bn for the business.

United States, Germany, Brief Article, Allianz Aktiengesellschaft Holding, Prudential Insurance Company of America, Equitable Life Assurance Society, Cornhill Insurance PLC

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