AXA confirms Resolution bid
by Gill Montia
Story link: AXA confirms Resolution bid
AXA has confirmed that it is in discussions with life insurance consolidator, Resolution Ltd, regarding the potential sale of part of its UK life & savings operations, for £2.75 billion.
The deal would involve AXA retaining its Wealth Management and Direct Protection units while offloading the remainder of its UK life & savings business.
The group says [...]
FSA completes inquiry into Resolution sale
by Gill Montia
Story link: FSA completes inquiry into Resolution sale
The Financial Services Authority (FSA) has completed its investigation into the circumstances surrounding the £5 billion sale of closed life consolidator, Resolution, to Pearl.
When the deal was announced in November of 2007, Pearl was Resolution’s largest shareholder and the FSA has been examining the actions of insurance entrepreneur and majority owner of Resolution, Clive Cowdery, [...]
Pearl seeks to raise £500m ahead of IPO
by Gill Montia
Story link: Pearl seeks to raise £500m ahead of IPO
Closed life fund consolidator, Pearl Group, has revealed plans to raise £500 million of capital prior to an initial public offering (IPO) on the London Stock Exchange.
The group, which is best remembered for its lengthy battle to acquire Resolution in 2007, has told The Times that, while it sees itself in a market full of [...]
FSA investigates former Resolution directors
by Gill Montia
Story link: FSA investigates former Resolution directors
The Financial Services Authority (FSA) is investigating circumstances surrounding the sale of closed life consolidator, Resolution, to Pearl Assurance.
When the deal was announced in November of 2007, Pearl (a rival closed life fund consolidator) was Resolution’s largest shareholder.
Its victory followed a takeover battle lasting months in which Pearl finally triumphed over Standard Life.
The regulator [...]
Clive Cowdery to float “new” Resolution
by Gill Montia
Story link: Clive Cowdery to float “new” Resolution
Clive Cowdery has revealed plans for a £1 billion flotation of Resolution, a new acquisition vehicle.
The company has the same name as an earlier venture by the insurance entrepreneur: the closed life consolidator acquired by Pearl Group last year.
The initial public offering of the new Resolution is due to take place in November and [...]
Jobs at risk as Pearl closes Glasgow and Peterborough offices
by Gill Montia
Story link: Jobs at risk as Pearl closes Glasgow and Peterborough offices
Pearl Group, the life assurer that acquired Resolution earlier this year for £4.9 billion, is closing its Glasgow and Peterborough offices.
The move is expected to affect one-quarter of the group’s workforce and result in up to 480 job losses.
Activities at the offices marked for closure will be scaled down and merged with Pearl’s Wythall [...]
FSA delays Pearl / Resolution merger
by Gill Montia
Story link: FSA delays Pearl / Resolution merger
The £5 billion acquisition of Resolution by Pearl Assurance has been delayed by three weeks by the Financial Services Authority (FSA), which has to approve the change of ownership of Resolution.
The terms of the merger of the UK’s two largest closed life funds consolidators were agreed late last year and include plans to free-up capital [...]
Resolution founder sells-up to fund new venture
by Gill Montia
Story link: Resolution founder sells-up to fund new venture
The chairman of Resolution, the closed life fund consolidator being acquired by Pearl Group, is selling his 3% stake in the business.
Clive Cowdery founded Resolution in 2003 with a loan of £500,000; he went on to transform the business into a FTSE 100 company, via a series of acquisitions and mergers.
This autumn Resolution was at [...]
Pearl and Resolution agree takeover terms
by Gill Montia
Story link: Pearl and Resolution agree takeover terms
Pearl Group and Resolution have agreed the terms of a takeover that will create a combined group with assets of £85 billion.
The management boards of both closed life fund managers have formally consented to the terms of the Pearl bid, under which Resolution shareholders will receive 720p per share.
The agreement values Resolution at approximately [...]
Pearl Offer For Resolutions Accepted
by Stewart Douglas
Story link: Pearl Offer For Resolutions Accepted
Insurance group Pearl Assurance has today announced that it has finally reached common ground with Resolution as it moves to takeover its competitor in a move worth almost £5 billion after facing stiff competition from rival Standard Life.
The announcement will see Pearl acquire the business and assets of Resolution in a move valued almost half [...]
Pearl poised for success in Resolution takeover
by Gill Montia
Story link: Pearl poised for success in Resolution takeover
Pearl Assurance is expected to be successful in its £5 billion bid for Resolution, the closed-fund consolidator.
A takeover battle with Standard Life drew to a close over the weekend, when the latter unexpectedly conceded defeat.
Standard Life decided not to raise its cash-and-shares offer, which was worth less than the Pearl bid.
The insurer reported [...]
Standard Life and Pearl battle for Resolution
by Gill Montia
Story link: Standard Life and Pearl battle for Resolution
The battle for ownership of Resolution, the closed life funds consolidator, has entered a new phase, with Standard Life accusing Pearl Group of making “self-serving and potentially misleading” statements about its £4.9 billion cash-and-shares offer for Resolution.
A warning shot from Standard Life described Pearl’s tactics as “looking increasingly desperate” and its comments as “verging on [...]
Falling pension sales blight Resolution bid plans
by Gill Montia
Story link: Falling pension sales blight Resolution bid plans
Royal London, the mutual life company, may have to review its involvement in the takeover battle for Resolution, the closed life funds consolidator.
Questions are being raised as to whether Royal London can continue its support for Pearl Group’s bid for Resolution, because of a fall in new life and pension sales in the first nine [...]
Standard Life rapped by Resolution Takeover Panel
by Gill Montia
Story link: Standard Life rapped by Resolution Takeover Panel
Standard Life has been reprimanded by the Takeover Panel for suggesting that it might increase its bid for Resolution, the closed life funds consolidator, and failing to do so.
The panel has ruled that Standard Life is in breach of the Takeover Code, after the company announced that it may change the structure of its offer.
Such [...]
Pearl increases Resolution holding
by Gill Montia
Story link: Pearl increases Resolution holding
Following Standard Life’s £4.9 billion bid for Resolution at the end of last week, Pearl, Resolutions largest shareholder, increased its stake in the company from 16.5% to 24.18%.
Last Friday, Resolution announced that it had agreed to Standard Life’s cash and shares bid, but within the hour Pearl returned with a revised bid and at the [...]
Resolution considers £5 billion Standard Life bid
by Gill Montia
Story link: Resolution considers £5 billion Standard Life bid
Resolution, the closed life fund manger, is today considering a £5 billion conditional offer for the company, from Standard Life.
If accepted, the cash and shares bid will bring an end to existing proposals for a merger between Resolution and Friends Provident.
The Standard Life offer was made yesterday, only hours before the deadline set by the [...]
Resolution merger £2bn better for shareholders
by Gill Montia
Story link: Resolution merger £2bn better for shareholders
Shareholders of Resolution and Friends Provident have been told that they will be £2 billion better off if they agree to the proposed merger of the companies, rather than a takeover.
The Takeover Panel’s deadline for bidders to declare their interest in Resolution has been set for tomorrow and Standard Life and Swiss Re are expected [...]
Standard Life and Swiss Re pursue Resolution
by Gill Montia
Story link: 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 [...]
Counter-bidders’ deadline in Resolution merger
by Gill Montia
Story link: Counter-bidders’ deadline in Resolution merger
Resolution and Friends Provident are moving closer to their £8.4 billion merger, having set November the 5th as the date for emergency shareholder meetings to approve the deal.
The Takeover Panel will now be able to impose a deadline for counter-bidders, Pearl Group and Standard Life, to make an offer.
Analysts expect Pearl, which is [...]
Resolution and Friends Provident draw closer to merger
by Gill Montia
Story link: Resolution and Friends Provident draw closer to merger
Resolution, the closed life fund consolidator, has confirmed plans to proceed with a merger with life insurer, Friends Provident.
An extraordinary general meeting, at which shareholders will vote on the proposal, will take place in late October. Final details of the agreement are expected to be confirmed in November.
Pearl Group (a competitor and major shareholder in [...]
