Legal &General bosses resolve to resist takeover by Resolution
TOP BOSSES at blue-chip insurer Legal & General have resolved to fight any approach from Clive Cowdery’s buyout vehicle Resolution.
Chief executive Tim Breedon has been briefing investors that a Resolution approach would be unwelcome, following Cowdery’s buyout of Friends Provident
last month.
But Cowdery is understood to be undeterred by Breedon’s hostility, and is continuing to investigate the insurer as one of nine buyout targets.
He has pledged to buy out life insurance firms and fund managers and the vehicle raised £600m last year to fund the buyouts. Resolution is currently unable to action any further buyouts as it is in a closed period, due to the Friends Provident merger, which is expected to be concluded by the end of October.