BRIEFLY: TELECOMMUNICATIONS : FINANCIAL SERVICES : British Bank to Acquire Major Insurer

National Westminster Bank announced a $17.2-billion agreement to take over life insurance and pension provider Legal & General Group. But some analysts consider the bid risky and expensive, and investors bid both companies’ shares down. Shareholders in Legal & General will get $3.37 a share in cash and stock. The price puts a slight premium on the $3.30 at which Legal & General traded Friday after news broke of the takeover bid. But it constitutes a hefty 20% premium over the price earlier last week. However, NatWest shares, which had fallen Friday on rumors of the deal, slipped further, trading at $18.20 on the London Stock Exchange, down from $18.34. Legal & General eased to $3.24, but still was buoyed by the prospect of becoming part of a significant new force in Britain’s financial services market.