Wilbur Ross in Takeover Talks with Ambac -Report

NEW YORK (Reuters) - Billionaire investor Wilbur Ross is in takeover talks with Ambac Financial Group Inc, (ABK.N: Quote, Profile, Research, Stock Buzz) the UK's Evening Standard reported on Thursday.

The talks are "serious and progressing well," the newspaper reported, citing "insiders."

Ambac is looking to raise outside capital after a planned $1 billion equity or convertible issue was canceled due to market conditions, and the company's main insurance unit lost its top "triple A" credit rating.

(Reporting by Dan Wilchins)