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Swiss Re eyes Friends Provident unit - paper

Tue Jan 22, 2008 1:46am EST

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LONDON, Jan 22 (Reuters) - Swiss Re (RUKN.VX), the world's biggest reinsurance group, is considering a bid for Friends Provident's FP.L life and pensions business in Britain, the Daily Telegraph said on Tuesday. The newspaper also quoted unidentified sources as saying Swiss Re was unlikely to "overbid" for the business.

U.S. private equity firm JC Flowers said on Monday it was considering an offer for Friends Provident. A source familiar with the situation said JC Flowers had sought talks on an informal bid worth around 175 pence per share, or about 4.1 billion pounds ($8 billion).

Swiss Re could not immediately be reached for comment. (Reporting by Mark Potter; Editing by Quentin Bryar)



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