Friends Prov and Resolution confirm merger

The deal, which is subject to regulatory and shareholder approval, will create a new life assurer called Friends Financial Group, with a value of £8.6bn and assets under management totalling £165bn. The two businesses have agreed to participate in an all-share merger which will see Resolution shares cancelled and new Resolution shares issued to Friends Provident in exchange for an issue of new Friends Financial shares. Under the terms of the merger, which is due to be completed by November, Friends Provident will retain its title for its UK business. Ben Gunn, chief executive of Li...