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Standard Life set to join Resolution bidding war

A bidding war for Resolution is set to take off this week with Standard Life and Swiss Re planning a joint rival bid for the provider.

The pair are both set to announce their intentions with a statement confirming their discussions likely to be made public later today.

Standard’s planned move with the world’s biggest reinsurer became all the more likely after Hugh Osmond’s Pearl launched a bid in tandem with Royal London, with a 660p a share approach made, and subsequently rejected last week.

Standard Life is now expected to trump that bid with the group’s chief executive Sandy Crombie declaring the group’s interest in the firm last month.

However, both Standard Life and Swiss Re will need to move fast as Resolution investors will meet to vote on the Friends Provident deal in just three weeks.

Should Standard Life’s bid be successful, Swiss Re would be expected to take on Resolution’s closed fund business, with Standard taking on the fund management, protection and health arms.

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