Big life insurance takeover possible

Mon, 15 Oct 2007

Major life insurance companies Standard Life and Swiss Re are together plotting to put together a rival bid for the zombie fund manager Resolution. The duo are planning to match the £4.5 billion bid by Pearl. The two opposing sides are conducting something of a takeover war for the firm.

Friends Provident had planned to merge with Resolution. However, the chief exectuvie of resolution, Colin Cowdery, has made it clear that he is amenable to other bids if they represent more money . Friends Provident are facing stiff threats from the two life insurance firms, as well as Pearl. To stay in the running, Friends may need to raise as much as £600 million in extra funds .

The chief executive of Standard Life, Stanley Crombie, has partnered with the biggest re-insurer in the world, Swiss Re. Pearl have teamed up with Royal London and offered 660p a share already. Swiss Re would aim to purchase the closed funds, leaving Standard Life to manage the funds and assets .
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