It was yet another week packed with rumours of takeover speculation.
The market was awash with bid rumours, with dealers suggesting both Legal & General, trading at 153p, and Prudential, at 675p, could become embroiled in sector consolidation.
However, the blue-chip stock which really attracted attention was once again Royal & SunAlliance (R&SA). The talk was that now the insurer is selling off its US business, it could be a target for Dutch insurer Aegon, or Finland's Sampo at around 155p-a-share. As Insurance Times went to press, R&SA was trading at 153p.
However, things weren't look quite as rosy for Resolution Group - the £4.5bn business which last week hoisted the 'for sale' sign. Swiss Re, which has been touted as a possible bidder for the blue-chip company, said: "We can confirm that we have not made and have no plans to make a purchase offer for Resolution." Resolution is currently at 660p.
Goshawk Insurance, at 3.92p, also attracted attention after Channel Hotels and Properties was revealed to have bought a 3% stake in the company.
Channel is the investment vehicle for multi-millionaire David Kirch. The Jersey-based entrepreneur made the headlines this weekend by giving away £100 to everyone on the island aged 70 or over as he celebrated his 70th birthday. IT
Yvette Essen is stock market reporter for the Daily Telegraph
