British insurer Aviva (AV.L) agreed terms on Tuesday for a 5.6 billion pound ($8.8 billion) all-share takeover of rival Friends Life (FLG.L), responding to pressures caused by pension industry reform.
Friends Life
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Aviva's potential 5.6 billion pound ($8.8 billion) purchase of Friends Life reflects a need to consolidate and cut costs in Britain's insurance industry, fund managers said.
British insurers plan to invest 25 billion pounds ($41 billion) in transport and energy projects over the next five years, the finance ministry said on Wednesday, a day before it presents a half-yearly economic update.
Resolution Ltd. is looking to sell its business unit Lombard located in Luxembourg. However, terms of the deal were unknown as talks on the sale of Lombard are still in a preliminary stage.
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