SECURITIES

GE Appeals to Kemper Shareholders: General Electric Co.’s finance unit started its proxy fight with Kemper Corp., criticizing the company while making a $2.1-billion offer for the insurance, asset management and brokerage firm. The proxy, filed with the SEC, had been expected since GE Capital Corp. said last month it would seek four of the 13 seats on Kemper’s board to further its effort to gain control of the company by paying $55 a share. GE said it was asking shareholders to back its board candidates at Kemper’s annual meeting May 11. The letter to Kemper shareholders said Kemper’s stock has “under performed” comparable companies, that Kemper’s asset management business “lagged the industry’s growth” and its insurance unit is “hobbled by poor quality” of real estate investments and low credit ratings.