Legal & General has made an official approach for Cofunds, according to reports.

The Sunday Telegraph claims that L&G group head of savings Mark Gregory has submitted a written expression of interest in buying out the platform, in which it already owns a 25 percent stake. The deal, which could be worth as much as £200 million, is thought to be motivated by Legal & General’s desire to boost its distribution capability.

However, any agreement is likely to be complicated due to Cofunds ownership. Along with Legal & General’s quarter share, possession is divided between IFDS, Newhouse Capital, Threadneedle, Jupiter and Prudential.

Another potential stumbling block for L&G is reported interest from private equity firm Bridgepoint, which is reportedly readying a rival bid.

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