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Equitable in effort to keep fund sale on
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28 October 2008
The Pru, one of Britain's biggest insurers, was seen as among the favourites to acquire the remnants of troubled mutual Equitable but decided not to press ahead.
However, it is thought that the auction will continue, with other bidders still interested including Swiss Re and Legal & General.
Equitable, which stopped writing new policies in 2000, has pledged to make a decision about its future by the end of the year. It has the option of running down the fund itself and some analysts suggest that this is the most likely outcome.
The Pru was said to have decided there were smaller, better-value and less risky deals elsewhere.
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