Friends Provident will retain its full ownership of Pantheon Financial after failing to receive a "suitable" offer for the advisory business.
In a statement released this morning, Friends says it had a number of parties interested in Pantheon, but none at an acceptable value for shareholders.
“Friends Provident has taken the decision to retain its 100% ownership... to avoid disruption of Pantheon Financial's business due to ongoing speculation on changes of ownership in the near future,” the statement reads.
The proposed Pantheon sale was just one in a number of moves mooted by Friends Provident in its January strategic review. Friends is also keen to offload its 52% stake in asset manager F&C, as well as its Lombard business.
F&C's share price plummeted last week after its cash-strapped second largest shareholder Dawnay Day abruptly sold off its 20% stake in the firm at a loss.
Friends announced in May it might take many more months to offload its F&C position, as it continues to engage in discussions with a “limited range of buyers”.
The Lombard sale also hit a snag last week, after alleged suitor Swiss Re was rumoured to have walked away from a possible deal.IFAonline
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