View more on these topics

Top Aviva investor slashes stake ahead of Friends deal

One of Aviva’s largest shareholders has reduced the size of its stake in the insurer by more than two-thirds ahead of the agreed acquisition of Friends Life.

The Financial Times reports US-based asset manager Capital Group has taken its shareholding in Aviva down from 3.9 per cent to 1.2 per cent, having dumped around 81m shares worth £410m since the takeover news was released two weeks ago.

The sale makes Capital Group the 20th largest shareholder in Aviva.

Aviva and Friends Life agreed the terms of the all-share deal this week, valuing Friends Life at over £5bn.

Under the proposed acquisition, Friends Life shareholders will receive 0.74 new Aviva shares for each Friends Life share they currently own. Once the deal is completed, Friends Life shareholders will own approximately 26 per cent of the new life company.

Capital Group has not commented.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Very wise too.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com