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Friends Life shares rocket 6% on possible Aviva deal

Shares in Friends Life have rocketed 6 per cent this morning on the news it is in talks to sell to Aviva in a deal worth around £5bn.

Friends Life shares closed at 348p on Friday but rallied this morning to 375p on the news of a possible deal before slipping back to 368p by 9.40am.

Aviva shares closed at 539p on Friday but took a nosedive this morning falling nearly 5 per cent to 515p at 9.40am.

The deal, announced after the close of markets on Friday night, would create the largest insurance and savings business in the UK with 16 million customers.

In a joint statement on Friday the firms said talks were at an advanced stage and discussed how it would integrate its investment and pension books.

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