Friends Prov and Resolution agree quick merger

Conditional on shareholder, regulatory and other approvals, the merger is expected to give Resolution shareholders 50.9% of the new company and Friends Provident 49.1%. In a joint statement, the firms say the merger “create a significant new force in the UK life and pensions market”. “Through its combination of new business capability and cash flow generation, Friends Financial can provide shareholders with both profitable new business growth and growing dividend income,” it says. “At the core of the combination is the complementary fit between Friends Provident and Resolution, which ...