The bosses of LV= face government pressure over their £530 million deal to sell the mutual insurer to an American private equity firm after Kwasi Kwarteng urged them to reveal the fees that City firms will earn from the takeover.
The business secretary said it was “absolutely right” that customers of LV= should have “transparent data” about the sums that would be paid to the bankers, lawyers and lobbyists who are working on the sale of the 178-year-old mutual to Bain Capital.
LV= is owned by its customers, who will ultimately foot the bill for the fees, although Mark Hartigan, its chief executive, has declined to disclose how much it is spending on advisers.
• Bain’s bid is better and here’s why, LV= board
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2021-11-17 00:01:00Z
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