Pearl Assurance, the closed-life business, has been given the green light to buy a further 3.5% holding in Resolution Group as it prepares to launch a bid for its rival, reports The Telegraph.
Pearl said yesterday the Financial Services Authority had approved its purchase of a 16.5% stake in Resolution Group, which it made from April to July, and would allow it to lift its holding in the company to 20% should it wish to. “Pearl confirms that the FSA has duly given this approval,” Pearl said, adding that it was also permitted “to become a controller of between 10% and 20% of Resolution's share capital”. News that Pearl, in which pizza-to-pubs entrepreneur Hugh Osmond's private capital group has a substantial stake, could purchase more shares, helped lift Resolution 13½ to 633½...
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