No closer to a Resolution


A move by closed life fund specialist, Pearl, to hijack the proposed merger between Resolution and Friends Provident has turned a happy coupling into a fractious menage a trios with the leading players all claiming to hold the upper hand.

Pearl, with an embedded value of £2.5 billion, is smaller than both Resolution (£4.5 billion) and Friends Provident (£4.1 billion), but claims the backing of market sentiment in its bid to wreck the proposed creation of an £8.6 billion insurer called Friends

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