Resolution receives 95.5% take-up of £2bn rights issue

Clive Cowdery's Resolution consolidation vehicle has received 95.5% shareholder take-up of its £2bn rights issue, which will help fund its part acquisition of Axa's UK business.

The rights issue acceptance is a coup for Resolution, which has agreed to pay £2.75bn for Axa's UK protection, annuities and group pensions businesses. Resolution, which completed a £1.8bn deal for Friends Provident last year, expects to complete its deal with Axa by next month. The group plans to merge the two insurers under the name Friends Life. RBC Capital Markets and Barclays Capital, the joint bookrunners of the rights issue, are now seeking to find buyers to snap-up the 61,426,238 shares not taken by investors. The new ordinary shares have commenced trading London Stock E...