Resolution chairman Mike Biggs says the company's life assurance consolidation project "is now underway" after this morning completing the acquisition of Friends Provident.
The consolidator will pay about £312m in cash and issue 1.75 billion new Resolution shares to scheme shareholders as consideration for the acquisition. "We remain confident that our strategy to create a leading UK life assurance and asset management group with a transparent and sustainable business model is in the best interest of our shareholders," Biggs says. "We are now focused on overseeing Friends Provident's current business in the near term and on securing further acquisitions to build the enlarged group." Friends this morning cancelled the trading of its shares on the LSE'...
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