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Deutsche Bank has emerged as a surprise bidder for the U.K. life insurance arm of General Electric, according to The Daily Telegraph.
The German bank is understood to have entered the auction for GE Life in the past month and is competing with Swiss Re and XL Capital Ltd , the Bermuda-based reinsurer, the newspaper says.
The three bidders are thought to be close on price with offers between GBP350 million and GBP380 million, The Telegraph says. The closing date for second round bids is believed to be Sept. 8, the newspaper says.
If Deutsche Bank succeeds in winning the bidding battle, the group is understood to be planning to use financial engineering to unlock value at GE Life

Posted: 09|2|06 at 7:29 am. Filed under: UK News.