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Axa SA and Swiss Re bid for Scottish Widows

Scottish Widows - logo
Insurers Axa SA and Swiss Re have made a joint bid for Scottish Widows, the life and health insurer owned by Lloyds TSB bank.
The pair have put together a break-up proposal that will see Axa take control of most of Scottish Widows, with Swiss Re acquiring the group's closed life assurance funds.
The board of Lloyds is considering the bid.
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