F&C shares slide on Friends' demerger rumours

The FT reported the insurer was ready to start distributing its shares in F&C to Friends’ investors next week, while it was also continuing talks with potential buyers of its 52% stake in the asset manager. Early last month new Friends Provident chief executive Trevor Matthews admitted the sale of F&C remained on track, but the insurer would not sell unless the price was right. Rabobank is seen as a potential bidder for F&C. Friends’ shareholders are understood to have given only a “lukewarm reception” to the idea of receiving F&C shares. In August, F&C chief executive Alain Grisay hi...