DealZone

Cowdery’s first move?

June 5, 2009

It’s been six months since insurance entrepreneur Clive Cowdery raised a 600 million pound war chest for acquisitions. But, as Myles Neligan and I wrote earlier, there are some obvious first targets in sight:

“Cowdery’s Resolution is the leading candidate to buy unwanted businesses from Lloyds Banking Group, but with price a likely stumbling block no deals are expected soon.

“Analysts expect part-nationalised Lloyds to look at selling insurance and asset management units to bolster its capital following its takeover of struggling rival HBOS, and investors will be keen for clues at its annual general meeting in Glasgow on Friday.

“Deutsche Bank is reviewing options for Lloyds insurance operations, including potential disposals.

“The list of possible divestments include investment management operation Insight, life insurer Clerical Medical and Lloyds’ 60 percent stake in wealth manager St James’s Place, all formerly owned by HBOS.”

On top of the funds already raised, Cowdery’s track record could pull in up to 5 billion pounds more investment, analysts reckon. Read the full story here.

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