Deals du Jour
Clive Cowdery’s Resolution has won over shareholders of Friends Provident, agreeing to pay 1.86 billion pounds for the British life insurer. Here are some facts about the pair. Whether the move will lead to a wave of consolidation in the sector remains to be seen, though last week the head of rival Standard Life told Reuters that it had no plans to make any deals.
Other M&A news today includes:
The total value of distressed-debt deals totalled $84.4 billion this year, the Wall Street Journal said, almost double the figure last year. Here’s Reuters’ story.
Private equity fund Dubai International Capital and distressed debt investor Oaktree Capital have abandoned plans to team up to restructure the debts of German aluminium firm Almatis, the Financial Times said.