Resolution drops Friends Provident merger plans

UK insurer Resolution today tore up its plans for a merger with Friends Provident after agreeing a £4.9bn (€6.9bn) offer from rival Standard Life.

Resolution drops Friends Provident merger plans
Fri, 26 Oct, 2007 - 14:06

UK insurer Resolution today tore up its plans for a merger with Friends Provident after agreeing a £4.9bn (€6.9bn) offer from rival Standard Life.

Resolution will pay a £49m (€69m) break fee to Friends after turning its back on the £8.5bn (€12.1bn) tie-up announced in July.

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