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Shares of Friends Provident rose to the top the FTSE 100, gaining 5.2 percent, after restructuring-firm Resolution confirmed it was looking to buy the U.K. insurer.
The move is part of a wider strategy from Resolution to buy several insurance firms, but the initial offer has been rebuffed by Friends, according to a statement from Resolution.
Shares of Lloyds Banking Group [LLOY-LN
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] fell 1.8 percent after the Sunday Times reported the bank could write off as much as 10 billion pounds ($25.76 billion) on its loans, commercial property assets and mortgage holders.
The bank is due to report first-half results in August and could see its losses deepening further, despite hopes the economic recession is over its worst.
Shares of Emerald Energy, [EEN-LN
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] included in the FTSE-250, surged nearly 8 percent after the oil-and-gas explorer said it received a potential cash offer from an undisclosed third party.
The takeover approach is still in the early stages, Emerald said. It did not disclose the name of the bidding company or the price of the potential offer.
- Reuters contributed to this report.
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