17 August 2017
Find out more

Shares in Egg rise on MBNA bid rumours

14 January 2004  |  6365 views  |  0 Egg Call Centre

Shares in Egg have soared on speculation that insurance group Prudential has received a bid for its 79% stake in the Internet bank from US credit card firm MBNA.

Prudential has confirmed it is in discussions regarding a possible transaction with respect to its shareholding in Egg. In a statement the company says: "Such discussions are at a preliminary stage and there is no certainty that any agreement will be reached."

Egg has also issued a statement saying it is 'assisting' Prudential regarding a possible transaction.

This morning, stock was up 13.2% at 141 and 1/2 pence, valuing the bank at £1.1bn. According to Reuters, some 4.2 million shares changed hands, eight times the daily average volume.

There was market speculation that MBNA had made an approach for Egg last February, although Prudential refused to comment at the time.

Egg is currently trying to find a partner for its troubled French business which recorded losses of £69.5m in the first nine months of the last year. The Internet bank has struggled in France since launching its La Carte Egg credit card a year ago.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Earthport to file claim against Egg

Earthport to file claim against Egg

26 November 2003  |  4472 views  |  0 comments
Egg to cut 70 UK jobs; seeks partner in France

Egg to cut 70 UK jobs; seeks partner in France

23 October 2003  |  4216 views  |  0 comments
Shares in Egg firm up on French exit speculation

Shares in Egg firm up on French exit speculation

03 October 2003  |  3726 views  |  0 comments
UK personal finance portals aggregate accounts

UK personal finance portals aggregate accounts

06 August 2003  |  5542 views  |  0 comments
Egg losses mount as France fails to deliver

Egg losses mount as France fails to deliver

23 July 2003  |  3825 views  |  0 comments
Egg France manages customer e-mail with Kana

Egg France manages customer e-mail with Kana

15 July 2003  |  3325 views  |  0 comments
Egg to provide customers with lastminute deals

Egg to provide customers with lastminute deals

18 June 2003  |  4367 views  |  0 comments
Egg scales back international ambitions as French show resistance

Egg scales back international ambitions as French show resistance

24 April 2003  |  3605 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.dorsum.euvisit www.niceactimize.com

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10425 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9825 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9741 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8135 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7614 views 0 | 1 tweets | 8 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job