NORWICH Union owner Aviva yesterday put pressure on rival insurer Prudential to come to the negotiating table by revealing the terms of its proposed £17bn takeover.

Aviva said it was only prepared to press ahead with the all-share deal to create a £34bn global life and insurance company if it had the backing of the Prudential board.

But its overtures were rejected by the Pru at the weekend and Aviva yesterday went public with its proposal in an attempt to persuade investors to swing behind a marriage.

The indicative offer represents a ten per cent premium on the Pru's share price last Thursday when Aviva approached its rival and is equivalent to 708p a share.

In terms of market value, the insurer would become the fifth largest in the world.

In the UK, the combined group would be the largest life assurer, making £456m profits on £2bn sales of new business.

The Pru refused to enter talks over Aviva's proposal, stating that a combination of the groups was not in the best interests of its shareholders.