Aviva agrees Friends Life deal

Aviva, Britain’s second-biggest insurer, has reached a preliminary deal to buy smaller rival Friends Life.

Aviva, Britain's second-biggest insurer, has reached a preliminary deal to buy smaller rival Friends Life for £5.6bn in shares. A deal would create the UK market's biggest life assurer, with a joint market capitalisation of £20bn and £300bn of assets. Investors weren't keen: Aviva's shares slid 5% on the news.

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