Pearl trumps bids for resolution

Standard Life’s £4.9bn (€7bn) bid to land insurer Resolution was dealt a major blow today after the firm’s largest shareholder stepped in with a higher offer on a dramatic day in the City.

When the day began, Resolution was still in favour of an £8.5billion merger with life and pensions firm Friends Provident, but switched its allegiance to Standard Life just ahead of a midday Takeover Panel deadline.