UK - JC Flowers sniffs out Friends Provident with AXA
Shares in Friends Provident climbed yesterday amid speculation that JC Flowers is considering working on a bid for the UK life assurer with insurance giant AXA.
Any deal is thought to be in its embryonic stage, with Friends market capitalisation jumping to £4.5bn yesterday. AXA is keen to up its position in the UK life market. It is regarded as under-represented in the UK compared to its dominant position in the rest of Europe.
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