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Friends Provident decides to keep Pantheon

Friends Provident has decided to retain Pantheon Financial to avoid disruption to its business due to speculation over its sale.

The insurer had previously announced its intention to sell the wholly-owned IFA, but it says that despite several expressions of interest it will not be possible to get good value for shareholders from a sale in the short term.

A statement to the stock market today says: “Friends Provident has taken the decision to retain its 100 per cent ownership of Pantheon Financial Limited to avoid disruption of Pantheon Financial’s business due to ongoing speculation on changes of ownership in the near future.

“Despite a number of positive expressions of interest Friends Provident believes it will not be possible in the short term to achieve a sale price that will realise suitable value for shareholders. Therefore it has taken the decision to retain Pantheon Financial.”

There are no further announcements about Lombard and F&C, the other two businesses Friends Provident is looking to offload.

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