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Pearl grabs 11 per cent stake in a bid to scupper formation of Friends Financial

Close life consolidator Pearl Group has acquired an 11.28 per cent stake in Resolution via a direct stake and derivatives.

The move comes as Resolution is in the midst of merging with Friends Provident to create an £8.7bn group.

Pearl has been snapping up shares throughout the past two days, with the firm holding an economic interest in Resolution since April 2007.

Is is also reported to be trying to aquire another 5.1 per cent of shares in Resolution.

In its statement on the London Stock Exchange, Pearl says that it does not believe that the merger proposal will maximise value for Resolution’s shareholders and looks forward to speaking to the Resolution board over possible alternatives for the firm.

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