Lloyds Says Scottish Widows Isn't For Sale, Denies PE Bid

Law360, New York (May 2, 2012, 2:01 PM EDT) -- Downsizing British lender Lloyds Banking Group PLC denied reports Wednesday that it had received an offer from a U.K. private equity fund for its Scottish Widows life insurance and pensions business, stressing that the unit is not for sale.

The overture reportedly came from Edmund Truell, the founder of buyout firm Duke Street LLP, who is currently bringing his new £500 million ($810 million) acquisition vehicle, called Tungsten, to market.

But Lloyds, which is 40 percent owned by taxpayers after a 2008 bailout, said Scottish Widows...
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