Resolution halts takeover activity

first_img whatsapp Insurance takeover vehicle Resolution has called a halt to its acquisition programme, saying it could meet key financial targets without making further deals for now.“Resolution is confident that it will achieve its targeted mid-teen returns on the UK Life Project without further acquisitions,” the company said in a statement. “It will not contemplate acquisitions that would dilute the returns likely to emerge from the three acquisitions already made; there is therefore a high threshold for evaluating further acquisitions,” it added.Resolution, founded by entrepreneur Clive Cowdery, has aimed to build up a British life insurer valued at £10bn before floating or selling this by 2013.It paid £1.8bn for life insurer Friends Provident in 2009, and last year acquired most of Axa’s British operations for £2.75bn and the group life insurance arm of health insurer Bupa.Resolution said it had increased the amount of synergies it was expecting in the near future. It said it was now targeting £112m of synergies per year before tax by end-2013, compared to £75m previously.The company also targeted cash dividends from its non-UK businesses of at least £50m a year by 2014. John Dunne Wednesday 23 February 2011 7:14 am Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Resolution halts takeover activity whatsapp Show Comments ▼ Share Tags: NULLlast_img

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