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10.12 - 19:53
LV= takeover may create conflicts of interest, says boss of trade body
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Bosses at the insurer LV= have been criticised over alleged conflicts of interest in its controversial £530m private equity takeover, which has been labelled a “three-act tragedy”.
LV= plans to demutualise in order to receive investment from Bain Capital, a US private equity firm. However, three-quarters of its member-customers must back the plan in a vote on 10 December.
Martin Shaw, the chief executive of the Association of Financial Mutuals, said he saw a “potential conflict” between the chief executive and chair’s duty to look after the interests of the mutual’s members, and their desire to continue working for the company after the proposed takeover and demutualisation.
The deal has provoked concerns among politicians and the UK mutual
Read more on theguardian.comAbout this in other media
Is BT the next British company in line for a takeover? theguardian.com /2 years ago
LV= members reject Bain takeover fnlondon.com /2 years ago
LV= members vote to block US private equity takeover theguardian.com /2 years ago
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