Bankers clash over Aviva ‘fiasco'

Advisers are trying to avoid the blame for the abortive bid by UK insurer Aviva to launch a £17bn (€24.7bn) takeover of Prudential.

Aviva, advised by JP Morgan Cazenove and Morgan Stanley, withdrew within seven days after its smaller rival refused to co-operate. Its hostile approach and confusion over the price left bankers scratching their heads.

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