Cowdery ends Phoenix takeover talks

Insurance tycoon Clive Cowdery, whose recent acquisitions have included Friends Provident and parts of Axa UK, has failed with an attempt to land the UK’s biggest owner of “zombie” insurance funds.

Mr Cowdery’s Resolution insurance conglomerate confirmed Sunday newspaper speculation linking it to a possible acquisition of Phoenix Group, but added that the talks with Phoenix and its lending banks have now terminated.