Friends Provident lures Resolution onshore with merger offer

July 17th, 2009

Insurer will insist on keeping Friends name and London Stock Exchange listing, and paying UK tax

The Guardian

Insurer Friends Provident today set out terms for a merger with Clive Cowdery’s buyout vehicle Resolution. The deal would scupper Resolution’s plans to pay a select band of executives 10% of annual profits and base the new company in a tax haven.

Friends Provident said it was prepared to enter talks with Resolution, but only if the merged business retained its name, remained listed on the London Stock Exchange and paid tax in the UK. Friends, which was founded by Quakers in 1832, would take over Resolution and become the holding company for a merged group.

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