Resolution to Buy Friends Provident in Stock Swap Valued at $8.7 Billion

(Bloomberg) -- Resolution Plc, the U.K.'s largest
administrator of closed life-insurance funds, plans to buy Friends
Provident Plc in a stock-swap valued at about 4.2 billion pounds
($8.7 billion).

Resolution shareholders will own 50.9 percent of the combined
company, to be renamed Friends Financial Group Plc, London-based
Resolution said in a statement today. Friends Provident
shareholders will own 49.1 percent.


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