Pearl makes move for Resolution

LIFE insurance firm Pearl Group could muscle in on an £8.6 billion merger between rivals Resolution and Friends Provident.

Pearl — Resolution’s biggest shareholder — is seeking a meeting with the board of Britain’s biggest owner of closed life insurance funds to table a £4.5bn bid, the Independent on Sunday newspaper reported.

Pearl, which declined to comment, is run by entrepreneur Hugh Osmond.

Mr Osmond’s meeting with Resolution will come as the company embarks on an investor roadshow to discuss the Friends Provident deal,

Pearl upped its stake in Resolution to 16% last Friday, enough to block the proposed merger.