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Swiss Re confirms Resolution interest

A potential bidding war for fund management firm Resolution has become all the more likely today after Swiss Re confirmed it is in discussions with Standard Life over acquiring certain closed-books of life business from the firm.

Swiss Re has said that although no binding commitments have been made the group is keen to expand its business from any attractive opportunities in the market and will make a further announcement in due course.

Standard Life’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 with a £5bn bid of their own 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.

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