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Resolution chief reveals shareholders share mergers and acquisitions ambitions

Negotiations between Resolution and Prudential look set to re-commence.

06 May 2010

Negotiations between Resolution and Prudential look set to re-commence after the former's shareholders gave their support to a possible acquisition.

Resolution has hinted that it is set to go follow through on its plans to open negotiations with Prudential over a possible acquisition of its UK assets.

According to the chief executive of the buyout firm, John Tiner, the UK financial services sector is set to be dominated by a number of mergers and acquisitions over the coming months.

Notably, this could include Resolution's acquisition of the insurance giant's British unit, with Tiner revealing that he has been given shareholder approval to pursue these plans.

Indeed, speaking to reporters he stated his confidence that shareholders would be willing to put up as much as £3 billion for the deal.

"They (shareholders) expect to produce significant further funding to finance an acquisition," he said.

Despite this, it is believed that Prudential will not commit to making a decision on the future of its UK assets until it can finalise its own acquisition of AIG's Asian arm AIA in a deal likely to be worth £23.6 billion, according to Reuters.

At the same time, however, the Financial Services Authority (FSA) just this week forced Prudential to halt the cash call it needed to fund its own deal.

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