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Article: Takeover rumours lift Standard Life but FTSE takes a step back
- Article from:
- The Scotsman
- Article date:
- October 31, 2006
- Author:
CopyrightCopyright 2006 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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SPECULATION about a bid for Edinburgh-based Standard Life
enlivened an otherwise murky day for the markets yesterday.
Rumours swirled after weekend press reports suggested that
France's Axa, the world's biggest insurer, was weighing up a bid
after failing to pull off a joint bid for Scottish Widows, the life
assurance arm of Lloyds TSB.
Oliver Steel, an analyst at Deutsche Bank said: "In Axa's case, we
suspect the latest speculation will prove wide of the mark. However,
Standard Life will continue to attract a speculative rating for as
long as there is potential for a different management approach to add
value."
Standard Life was on the front foot all day, with the shares
climbing 4.5p to ...