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Pearl Lifts Resolution StakePearl Group, the privately-owned UK insurer, today said it had increased its stake in rival Resolution to 16.47 per cent from 15.8 per cent. Pearl, led by entrepreneur Hugh Osmond, has built up its Resolution stake in an effort to derail the company’s agreed £8.6 billion merger with life assurer Friends Provident, which it says would deliver less value to shareholders than unspecified “alternative opportunities”. Pearl also confirmed that it will meet rivals Resolution and Friends Provident tomorrow for talks over their planned combination. Pearl’s latest stake-building brings it closer to the 25 per cent holding it would need to block the Friends deal outright. The merger requires 75 per cent shareholder approval to proceed. There is speculation Pearl could be planning a cash offer for Resolution valued at about £4.5 billion. Tag CloudExternal InformationAdditional InformationIndustry told to ignore City gloom...Bristol’s Profit More Than Doubles; ImClone Posts Loss... Rising US jobless rate fuels recession fears... Deal Is Offered for Chief’s Exit at World Bank... Where Am I?News Main Page - Business - Pearl Lifts Resolution Stake |
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