Standard Life has moved a step closer to making a bid for Resolution Life with the appointment of Merrill Lynch as adviser, reports the Daily Telegraph. A source close to Standard said the negative investor reaction to Friends Provident’s proposed £8.4bn, nil-premium merger with Resolution had put both companies into play. The FT reports that among other UK and continental European insurers circling Friends, Zurich Financial Services could, as early as this week, make a takeover approach to Friends. Hugh Osmond, Resolution’s largest shareholder, who opposes the merger, is expected to seek fresh talks with Resolution to discuss alternatives to the deal, after a meeting with Clive Cowdery, Resolution chairman, failed to convince Mr Osmond to back the merger.

This entry was posted by Gwen Robinson on Monday, August 6th, 2007 at 5:39 and is filed under Capital markets, M&A, People. Tagged with friends provident, hugh osmond, resolution, standard life, zurich financial services. Edit this entry.