Reuters: Private Equity: Lloyds gets approach for Scottish Widows - report

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Lloyds gets approach for Scottish Widows - report Apr 30th 2012, 12:43 LONDON, April 30 | Mon Apr 30, 2012 8:43am EDT LONDON, April 30 (Reuters) - Lloyds Banking Group has received a multi-billion-pound takeover approach for Scottish Widows, its life assurance, pensions and savings business, a newspaper reported on Monday. London's Evening Standard said the approach is from Edmund Truell, the founder of private equity firm Duke Street, who is bringing 500 million pound ($812 million) bid vehicle Tungsten to the stock market. The report said Lloyds, which is 40 percent owned by the UK taxpayer and reports first-quarter results on Tuesday, has received a number of other approaches for Scottish Widows recently. Lloyds refused to comment. Truell could not immediately be reached. Lloyds CEO Antonio Horta-Osorio ruled out a sale of Scottish Widows last year after a strategic review of businesses, despite increasing regulatory demands on both banks and insurers to carry more capital. The Evening Standard said Truell has teamed up with his brother Danny to launch Tungsten and has found cornerstone investors for his bid vehicle.

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