Friends Provident shares rise after bid talk

Friends Provident shares opened higher today after it was reported insurance entrepreneur Clive Cowdery had the life assurer in his sights.

The Financial Times said Mr Cowdery, who last year attempted to merge his Resolution business with Friends, viewed the company as a potential break-up target. Options are said to range from him taking a stake in the firm through to a full takeover, although the FT said no talks had been held.