Lloyds gets approach for Scottish Widows The London Evening Standard said the approach is from Edmund Truell, the founder of private equity firm Duke Street, who is bringing £500m bid vehicle Tungsten to the stock market. The report said Lloyds, which is 40pc owned by the UK taxpayer and reports first-quarter results on Tuesday, has received a number of other approaches for Scottish Widows recently. Lloyds refused to comment. Mr Truell could not immediately be reached. Antonio Horta-Osorio, the Lloyds chief executive, ruled out a sale of Scottish Widows last year after a strategic review of businesses, despite increasing regulatory demands on both banks and insurers to carry more capital. The Evening Standard said Mr Truell has teamed up with his brother Danny to launch Tungsten and has found cornerstone investors for his bid vehicle.