Resolution's Clive Cowdery and his arch-rival Hugh Osmond are expected to meet today as Resolution challenged Mr Osmond to declare his intentions after he amassed a 16.5 per cent interest in the closed life fund specialist, The Financial Times reports.
The two men have been trying to arrange the meeting since Mr Osmond disclosed his interest in Resolution, threatening to derail its planned £8.3bn merger with Friends Provident and leaving open the possibility of a hostile bid for Resolution.
Mr Cowdery, chairman of Resolution, has written to Mr Osmond calling for him to explain his alternative proposals for Resolution, including the possibility of a cash offer. The move has left both sides in conflict over the agenda for today's meeting.
THE CREDIT CRUNCH claimed its first high-profile victim in the property sector yesterday when a proposed £4.5 billion pub joint venture between Mitchells & Butlers (M&B) and Robert Tchenguiz’s R20 vehicle was put on ice, according to The Times.
The delay to the deal, which was predicated on raising £4 billion of debt, undermines Mr Tchenguiz’s campaign to persuade J Sainsbury to spin off its property assets into a separate company. It could persuade him to abandon the attempt and back Delta Two’s £12 billion bid for the grocer.
However, in a sign that not all deals are being derailed by the debt market turbulence, London & Regional (L&R), the property group, is today expected to announce the completion of its acquisition of David Lloyd Leisure for £925 million.
ROYAL BANK OF Scotland, which is locked in a takeover battle for ABN Amro, today beat City forecasts with an 11% rise in profits and 25% dividend hike, The Guardian reports.
That means Britain's "Big Five" banks - HSBC, RBS, Barclays, HBOS and Lloyds - have made combined profits of £21bn in the first half, higher than expected.
Underlying operating profits at RBS climbed to £5.1bn in the six months to June 30, up from £4.6bn a year ago.
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