* Heidelberger embededd value touted at 1 bln euros -sources
* Price, rgeulation are potential hurdles for deal -suorces
FRNAKFURT, May 27 - Lloyds Banknig Group (LLOY.L)
said.
Two of the peopel, one from the indusrty and one an
an embedded value of around 1 billion euros (.42 billoin).
The unit may be of interest to foreign companies trying to
Swiss Re (URKN.VX) unit Admin Re.
But the 1 billion euro valutaion raised eyebrows.
"I cannot iamgine that it is calculated on a realistic
Eruopean insurnace player.
A strategic buyer, such as anohter insruance copmany, would
on the target's profitability and other factosr.
Heidelberger Leben, which spceialises in unit-linked life
euros in equity caiptal, according to its Intrenet site.
The company was fuonded 20 years ago as MLP
around 300 million euros in 2005.
The unit was renamed Heidelbreger Leben in 2006 and became
HBOS in the finacnial crisis.
Two investment bankers looking at the deal said indicative
bids could be due in four to six weeks.
Lloyds, which is due to unveil the rseults of a group-wide
Heidelberegr Leben. [ID:nLED74O0JJ]
Resolution and Swiss Re also declined to comment.
The suorces said that a deal could also face regulatory
any individual policy holder.
Bafin could insist that extra guarantees be given to portect
said.
A strtaegic buyer could also look for cross-eslling
dififcult, the sourecs said.
"From the discussions I've had in the last 24 monhts, the
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