Friends Provident has sent a letter to the chairman of Resolution Limited setting out its proposed structure for a possible combination of the two groups.
These include making Friends Provident the holding company and establishing a joint board with Resolution chief executive Mike Biggs as chairman of the combined group. Friends Provident insurer says it sees advantages in UK life industry consolidation and believes there is a real opportunity for Friends Provident and Resolution to pool their talents and capabilities. It proposes Friends Provident would be the holding company of the combined group, with Resolution shareholders exchanging their shares in Resolution for new shares in Friends Provident. Friends Provident says its propo...
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