UK bank Lloyds TSB Plc declined to comment on Sunday on a report European insurers AXA and Swiss Re had made a joint 8 billion pound ($14.89 billion) bid for its insurance arm.
"We don't comment on market speculation," a Lloyds spokeswoman said following a Sunday Telegraph report the two insurers were eyeing its Scottish Widows unit.
France's AXA would take control of most of Scottish Widows, including its fund management arm, while Swiss Re would acquire the group's closed life assurance funds under the break-up bid, the newspaper said without citing sources.
The proposal was put to the Lloyds TSB board last week but was rejected by the UK bank, the report said. The insurers were willing to come back with a higher bid, it added.
One source familiar with the situation downplayed the newspaper report, but declined to say if a proposal had been put to the board or not. The Financial Times said in its Saturday edition Lloyds had received several expressions of interest from financial groups keen on buying life funds controlled by Scottish Widows. Talks were in a preliminary stage, the newspaper said without citing sources.
Scottish Widows has been the subject of take-over speculation for some months.
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