British insurance companies Aviva and Friends Life in $8.8 billion merger
Britain's Aviva says it is in talks to buy another insurer, Friends Life for over 5.6 billion pounds ($8.8 billion) in a deal that would create the country's leading insurance, savings and asset management company by number of customers.
The companies issued a statement Friday announcing they had reached agreement on the financial terms of a transaction under which Friends Life shareholders would receive 0.74 Aviva shares for each of their shares. The companies said the offer is equal to 398.9 pence a share, or 15 percent more than Friends Life closing share price Friday.
Source: Associated Press
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