Aviva to cut 1,500 jobs in Friends Life takeover Aviva could axe up to 1,500 jobs as part of its £5.1bn acquisition of its rival Friends for Life, a move which would amount to 4.8 per cent of the combined companies' total work force. The FTSE 100 insurer said it is unable to provide specifics until the takeover completes, however it will try to [...]
Aviva’s boss Mark Wilson wins over City sceptics to £5.3bn Friends Life deal with cost saving promises Aviva chief executive Mark Wilson has won over some of his harshest critics with promises of £225m in cost savings if the proposed £5.3bn Friends Life deal goes through. The companies yesterday confirmed the terms of the deal, and Panmure Gordon analyst Barrie Cornes, who was one of the City’s most vocal opponents of the [...]
As Aviva agrees a £5.6bn takeover of Friends Life, does the acquisition make strategic sense? Ben Cohen, an insurance analyst at Canaccord Genuity, says Yes. Aviva’s core strategy is “cash plus growth”, and this deal adds materially to cash flow, which will be used to pay a higher dividend and invest across the group for growth. This is not just jam tomorrow – the 30 per cent increase in Aviva’s [...]
Aviva agrees £5.6bn deal to buy Friends Life December 2, 2014 Aviva, the multinational insurance company, is putting the finishing touches on a deal to acquire rival Friends Life for £5.6bn. According to a statement released this morning, the proposed deal for the recommended all-share acquisition will mean Friends Life shareholders receive 0.74 new Aviva shares for each Friends Life share in their inventory, meaning Friends [...]
Friends Life and Aviva started merger talks months ago November 26, 2014 Insurance firm Aviva has been in talks about a potential merger with Friends Life for a number of months, City A.M. understands. Discussions began when Aviva chief executive Mark Wilson contacted his opposite number at Friends Life, Andy Briggs. But it was only on Friday when Aviva was forced to confirm the talks due to [...]
Aviva merger target Friends Life eyed up deal with closed insurance group Phoenix November 25, 2014 Friends Life, which is in merger talks with Aviva, has held informal talks with Phoenix, the closed insurance group, about a possible deal in the past few months, City A.M. understands. News of the talks between the two groups, which are not ongoing and did not reach any conclusion, come as Aviva struggles to convince [...]
Aviva meets criticism over Friends Life deal November 24, 2014 Analysts have warned that Aviva’s share price could continue to decline, following news that the insurance group is in talks concerning a £5.6bn merger with rival Friends Life. Shares dropped by more than five per cent yesterday when the markets opened for the first time since the news broke. “The market is in a state [...]
Aviva share price falls as Friends Life shares rise: Surprised market reacts to deal bombshell November 24, 2014 The market was divided yesterday following the announcement of a planned merger between insurer Aviva and its competitor Friends Life. Aviva saw its shares fall by more than five per cent during the day, while shares in Friends Life climbed by six per cent. Most analysts agreed that the announcement was surprising, with [...]
Aviva’s £5.6bn merger with Friends Life still to convince City November 24, 2014 The proposed £5.6bn merger between the insurer Aviva and its rival Friends Life will come under intense scrutiny when trading opens for the first time since the news broke after the markets closed on Friday. Although many in the City have viewed the move as a positive one for Aviva, not all are approving. “The [...]
Friends Life gets lift from market leading results November 11, 2014 INSURANCE firm Friends Life saw its share price lift by more than one per cent yesterday, after posting a total annual premium equivalent of £690m for the first nine months of 2014. This is a three per cent increase from the £670m reported in the same period of last year. Retirement income fell by 12 [...]