Phoenix ends takeover talks with CVC

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"Whilst the board is obliged to consider credible approaches, the terms proposed by CVC did not reflect our view of the full value of Phoenix and its stable, long-term cash flows. As a result, we have mutually decided to terminate these discussions," Phoenix chief executive Clive Bannister said in a statement.

Phoenix, formerly known as Pearl, has been hampered by a heavy debt burden taken on to finance the £5 billion acquisition in 2007 of a portfolio of closed life funds put together by Clive Cowdery, the founder of insurer Resolution .