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Resolution finalises business negotiations with Axa UK

Investment firm will double its market share of UK life and pensions industry

24 June 2010

Resolution has successfully finalised business negotiations for the acquisition of the majority of Axa's UK division in a £2.75 billion deal.

The proposed move will double the market share of Resolution's Friends Provident division in the UK's life and pensions industry.

Further moves are planned as officials aim to takeover four more insurers before merging and selling them on for a profit by 2013.

The company claims insurers will be open to deals, as lower UK sales and regulatory changes will force firms to exit the British market.

John Tiner, Resolution's chief executive, said: "We see a strong pipeline of potential further consolidation steps."

The investment firm confirmed they will fund the move with a £2.06 billion fully underwritten rights issue.

Investors who bought into Resolution expecting to fund takeovers, will be offered 17 new shares for every share they hold at 150 pence each.

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