The Canadian MANULIFE group will be launching a friendly takeover bid of the US JOHN HANCOCK company, valued at USD 10.9 bn. If the bid is successful, the deal will see the insurance company's capitalisation rise to USD 25 bn, placing it in second place in the sector in the USA, behind AIG. The new entity is expected to attain a net combined profit of USD 1.4 bn with a total managed share portfolio of 246 bn, over the 2002 tax year.