Acquisitive insurance group Resolution, which has recently been the subject of press speculation over the possible acquisition of Phoenix Group Holdings, has confirmed that talks have terminated.
The firm said that it did investigate the company and entered into talks with both Phoenix and its lending banks, but the transaction was not deemed suitable.
In a statement the firm said: "As part of its UK Life Project, Resolution continually investigates a variety of bolt-on opportunities. Any acquisition must have a strong financial case and enhance returns to shareholders. The hurdle to executing any particular transaction is therefore high."
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company recently announced its intention to return a further £250m to shareholders in the first half of 2012, in a move subject to the delivery of planned capital synergies expected to be delivered in 2011 and following regulatory approval.
NR
-
Romance scam nets £428k – the red flags most missLove and friendship is big business for fraudsters who tricked unsuspecting Brits out of more than £100 million last year. What can be done about it?
-
‘We’ve saved hundreds of pounds in energy by installing solar panels’A couple say they have cut their energy bills by hundreds of pounds thanks to solar panels, and they hope to recoup the cost of the installation within a decade
