An end at last to the Resolution saga, with the insurer agreeing to be bought by rival Pearl.
After speculation that news could come today, the announcement was finally made just before the market closed. Hugh Osmond's Pearl will pay 720p a share in cash through its Impala subsidiary, valuing Resolution at nearly £5bn.
It has been a long journey, with Resolution first agreeing to merge with Friends Provident, then facing rival bids from both Pearl and Standard Life. Once the Edinburgh gang backed away from the auction, the way was clear for Osmond to strike a deal with Resolution. Resolution closed unchanged at 704.5p
Meanwhile, Friends slumped 7.1p to 156.5p after ratings agency Standard & Poor's put the company on credit watch with a negative rating. This follows the news of the departure of chief executive Philip Moore and the company's strategic review. Immediately after Moore left earlier this week, Friends was boosted by talk it was a sitting duck for a bidder such as Italy's Generali or even Standard Life.
