Standard Life has moved a step closer to making a bid for "zombie" fund insurer Resolution with the appointment of Merrill Lynch as adviser, The Daily Telegraph reports.
A source close to Standard Life said the negative investor reaction to Friends Provident's proposed nil-premium merger with Resolution had put both companies into play. The Edinburgh-based insurer is thought to have retained its long-time adviser Merrill Lynch and is considering all options regarding Resolution if the Friends merger fails. If Standard makes an approach for Resolution, it will be the fourth time the companies have discussed a tie-up in the last year. The first was prior to Standard Life's float last year when Resolution founder Clive Cowdery approached the insurer with an o...
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