Deals
Aviva to Buy Friends Life for $8.8 Billion, Shares Surge
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Aviva Plc, Britain’s second-largest insurer by market value, agreed to buy Friends Life Group Ltd. for about 5.6 billion pounds ($8.8 billion) in stock in the U.K. industry’s biggest takeover in 15 years. Friends Life shares rose to the highest since 2009.
Aviva is offering 394 pence in stock for each Friends Life share, according to a statement today. That’s 15 percent more than Friends Life’s closing price on Nov. 20, the day before the companies disclosed that they were in talks. Based on yesterday’s price, the offer drops to 370 pence apiece.