Lloyds TSB leads the great Egg race
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Posted in Business, 1st March 2004 11:50 GMT
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The race to buy online bank Egg is hotting up, with Lloyds TSB emerging as a possible favourite.
Lloyds chief executive Eric Daniels is persuading directors that buying Egg from majority owner Prudential would increase market share and provide good cross-selling opportunities, according to The Observer.
The paper reports a disagreement over the value of Egg but most analysts put it between £1.2bn and £1.5bn. Egg's most recent results were a disappointment - losses doubled to £34m on the back of a hugely expensive foray in to France.
US bank MBNA is also rumoured to be interested in the online bank. Egg shares were trading at this morning at 161p, down from a year high of 197.5p. ®
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