Pensions firm in takeover spotlight
A sharp fall in annual profits will thrust life and pensions company Friends Provident back under the takeover spotlight this week.
New York-based private equity group JC Flowers is understood to be waiting for Friends to unveil the figures before deciding whether to launch an offer.
Flowers had been mulling a proposal worth 4 billion in January, but the Sunday Express suggested a figure closer to 3.5 billion was now more realistic after a sharp fall in the insurer’s share price.
Friends recently warned that Tuesday’s profits will be virtually wiped out by accounting charges and because of customers cashing in policies earlier than expected. It made a surplus of 509 million in 2006. Read more
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