'Acquired...'
Published: 28 June 2004 15:00 GMT
Capital One is thought to be among the companies scrambling to poach Egg - the popular internet bank - from its majority owner Prudential.
The credit card giant is rumoured to be competing with rival US giant MBNA for Egg, which is 79 per cent owned by Prudential. It is believed that a successful suitor may have to shell out as much as £1.4bn, according to a report in the Financial Times.
According to the paper, MBNA has been in talks over a potential acquisition since April this year and Capital One may have been inspired to make its move when those talks appeared to be stalling.
Egg's UK business is profitable but its balance sheet has been dented in recent quarters by it own troubled acquisition strategy.
In May 2002, the low-interest balance transfer specialist bought French bank Zebank for a total value of £22.8m.
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