Prudential/AIG deal: Blow for Clive Cowdery’s Resolution

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Resolution has so far only managed to acquire Friends Provident, a minnow compared to the Pru, in its drive to consolidate the sector. It needs to bolt on several more deals to achieve the cost synergies he needs, with one large deal the easiest way to achieve that.

He had hoped to persuade the Prudential to sell him its UK business, perhaps as part of its move into Asia.Today Prudential insisted that it plans to keep its British arm.

Following speculation at the weekend, Resolution issued a statement noting that it "is not in discussions with Prudential regarding the acquisition of its UK life assurance operations".

Resolution shares, which floated at 100p, have not yet been a good investment. Today they rose 0.1p to 72.4p.