Resolution's takeover of Friends Provident has received approval from the FSA, and is expected to complete on 5 November.
The £1.87bn deal, confirmed by Friends in August, will see Clive Cowdery's Resolution vehicle purchase the insurer in a share-swap scheme. The deal has now received approval from the regulator, and Friends Provident will become part of Resolution on 5 November. The Friends Provident purchase will form the basis of Cowdery's latest project to consolidate the UK insurance sector. A court hearing to sanction the acquisition is expected on 30 October, and will be the last day of dealing for Friends shares. A statement from Resolution says: "Resolution intends to release its next Int...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
