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Aviva eyes sale of Friends Provident unit for $500-$700 mln-source

Reuters - UK Focus

HONG KONG, March 28 (Reuters) - Aviva Plc (Other OTC: AIVAF - news) is exploring a sale of its Friends Provident International unit, which offers life assurance and investment products, in a deal that could raise between $500 million and $700 million, a source with direct knowledge of the matter said.

The British insurer has received preliminary interest from about half a dozen Chinese firms and European funds for the business, said the source, declining to be named as the process was not public.

An Aviva spokeswoman declined to comment.

The news was earlier reported by the Wall Street Journal. (Reporting by Sumeet Chatterjee; Editing by Clara Ferreira-Marques and Mark Potter)