No Resolution bid for Phoenix

RESOLUTION, the investment vehicle set up by industry veteran Clive Cowdery to take over firms in the insurance sector, yesterday quashed reports that it was about to launch a £1.2 billion all-share bid for Phoenix Life, his former acquisition fund.

Although Resolution confirmed that it had been in talks with Phoenix and its 17 lenders regarding a possible offer, the firm said that those discussions had since terminated.

Resolution said: “We continually investigate a variety of bolt-on opportunities. Any acquisition must have a strong financial case and enhance returns to shareholders. The hurdle to executing any transaction is high.”