Standard Life and Swiss Re pursue Resolution
Standard Life and Swiss Re, the Zurich-based reinsurance company, have confirmed their interest in Resolution, the UK closed life funds investor.
The companies are expected to make a joint offer by the end of this week and Standard Life’s board has issued a statement saying that it “believes there are attractive potential synergies to be generated from a combination of Resolution’s assets with its own operations.”
However, the statement goes on to say that “an offer would only be made if the board of Standard Life considered that it was financially attractive and would enhance value for Standard Life shareholders over both the short and long term.”
Meanwhile, Resolution is continuing with its plans to merge with Friends Provident and shareholders will vote on the proposal on 5th November.
The merged entity would be known as Friends Financial Group Plc and have a value of approximately £8 billion.
Zurich Financial Services and AXA are also rumoured to be interested in acquiring Friends Provident and should the merger plans flounder, either or both may make an offer.
In addition, Pearl Group, Resolution’s largest shareholder, may return to the bidding, having already had a £4.5 billion offer for Resolution rejected.
Category: Insurance News, Resolution News, Standard Life News
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