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Broker Panmure Gordon reckons the shareholders who hold stakes in both Resoluition and Friends Provident will be the key to whether the current courtship of the latter by the former will end in marriage. "As we see it, FP's [Friends Provident's] shareholders have a fairly clear choice between a sta
Read moreThe blue-chip index edged higher in the morning sessions despite the weakness of miners and banks, with increased merger and acquisition activity encouraging buyers back to the market. Friends Provident is the best performer after Clive Cowdery's new vehicle, Resolution , said it has received "con
Read moreFriends Provident is the best performer after Clive Cowdery's new vehicle, Resolution , said it has received "constructive feedback" from the board of Friends over its merger approach and is mulling its next move, leading to speculation it will make a higher offer. Friends rejected the initial bid
Read moreLondon's blue chips have made a slow start to the week despite a small burst of takeover activity. A deal could be on the cards between insurance group Resolution and Friends Provident after Clive Cowdery's new vehicle said it has received "constructive feedback" from the board of Friends over its
Read moreInvestors remain nervous following further losses on Wall Street Friday and as the US earnings season starts to hot up. Futures prices indicate an early deficit of about 14 points for the FTSE 100. Oil and gas firm Venture Production today rejected last Friday's 845p-a-share hostile cash bid from
Read moreLife group Friends Provident has rejected what it called a "wholly inadequate" takeover proposal from buy-out specialist Resolution, but said it is open-minded about the benefits of industry consolidation. "The board is open-minded about the benefits of industry consolidation, but does not believe
Read moreClive Cowdery, the insurance tycoon, plans to bypass the Friends Provident board and take his £1.7 billion bid directly to shareholders as he forges ahead with plans to create a super-sized insurer. The move comes before an expected formal confirmation today from the life and pensions group that it
Read moreThe insurance tycoon Clive Cowdery has tabled a proposal to merge Friends Provident, the £1.4bn pension and life company, with his quoted investment vehicle Resolution. If the deal is successful, it could trigger the start of the long-awaited consolidation in the sector. Cowdery is understood to ha
Read moreLife assurance firm Friends Provident said the placing of the rump of the shares from the F&C Asset Management demerger has now been completed. A total of 58.1m F&C shares were placed at a price of 62p per share. The shares placed represent about 11.7% of the total issued ordinary share capital of
Read moreBritish Airways tops the gainers despite revealing that it carried 3.8% fewer passengers in June. It added it will cut spending by 20% to deal with the challenging market conditions. Traffic, measured in Revenue Passenger Kilometres, fell by 3.8% in June. Passenger capacity, measured in Available
Read moreA late swoon saw Footsie relinquish virtually all of its gains, with losses on resource stocks counter-balancing gains made by banks. Barclays, Royal Bank of Scotland, HSBC and Lloyds Banking were the pick of the banking sector, despite chancellor Alistair Darling firing a warning about the re-eme
Read moreShares in life assurance company Friends Provident were adjusted downward on Friday as the demerger of the company's 52% stake in F & C Asset Management went through. The court order confirming the demerger and related reduction of capital has now been registered by the UK Registrar of Companies, e
Read moreShare prices are creeping higher after yesterday's heavy falls, with banking stocks leading the fight back. Barclays, HSBA and Lloyds Banking lead the banking sector higher while insurers such as Aviva and Legal & General are also wanted. An exception to the general strength of insurers is Friends
Read moreThe demerger of Friends Provident's asset management subsidiary F&C has received court approval and has taken place today, resulting in a downward adjustment in the share price. Broker Panmure Gordon believes that having offloaded its 52% stake in F&C Asset Management the life assurance company cou
Read moreTrading remains quiet in London, today after yesterday's excitement following dismal US unemployment figures. Friends Provident is the worst performing blue-chip as the market adjusts its share price to take account the demerger of its 52% stake in F&C Asset Management. Resource stocks are friendl
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