Friends, Resolution alter voting terms for merger

Article Abstract:

UK life insurance firms Resolution PLC and Friends Provident PLC have changed the legal structure of their merger, valued at $17.44 bil, which would make it more difficult for Resolution shareholder Pearl Assurance PLC to block it without offering a cash bid. Resolution and Friends Provident lowered the percentage of Resolution shareholder approval but upped that of Friends Provident. Pearl holds 16% of derivatives and shares in Resolution.

Strategy & planning, Acquisitions & mergers, INSURANCE CARRIERS, Planning, Mergers, acquisitions and divestments, Company acquisition/merger, Insurance industry, Investor relations, Company business planning, Friends Provident PLC, Pearl Assurance PLC

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HBOS, as appetite for debt wanes, aids banking affiliate

Article Abstract:

The fourth-largest UK bank, HBOS PLC, announced it will cover the asset-backed commercial paper that has been issued via its Grampian affiliate, a rare move by a bank. The dwindling market for short-term debt is due primarily to the problems surfacing from US subprime mortgages.

Commercial Banks, Parent-to-subsidiary activities, Subsidiary-to-parent activities, Banking industry, Economic aspects, Finance, Influence, Company financing, Grampian Holdings PLC, HBOS PLC, Subsidiaries, divisions and units, Subprime loans

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