15 possible bidders for Equitable

By THIS IS MONEY
Updated:

 

Equitable Life, the troubled mutual life insurer which has put itself up for sale to escape from financial difficultes, says up to 15 potential bidders have asked to see its sale documents.

The surprisingly large number of potential bidders will raise hopes among policyholders that some sort of payout could be made when a sale goes through. With less interest in the sale, the chances of windfalls would have been slim.

Equitable is likely to be sold for £4bn, and the bidders are now pouring over its books before making offers. Prudential and CGNU are seen as likely buyers, with Abbey National and US firm GE Capital also in the wings.

Whoever wins any auction will still have to be approved by Equitable's 450,000 with profits policyholders.

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