Late-Show Standard Life Bids Pounds 4.9bn for Resolution ; Insurance

Summary

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Standard Life tried to gatecrash the country's biggest insurance merger yesterday with a pounds 4.9 billion bid for closed-fund specialist Resolution.

The Edinburgh-based group tabled a cash and shares bid for Resolution, which is the country's biggest manager of so-called zombie funds and is the successor to the old Birmingham-based Britannic. Bidders had until 5pm yesterday to make a move for Resolution, which has already agreed an pounds 8.5 billion tie-up with Friends Provident to form a new entity to be called Friends Financial.

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Late-Show Standard Life Bids Pounds 4.9bn for Resolution ; Insurance

Resolution, which last week rebuffed an approach worth pounds 4.8 billion from Pearl Assurance...

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