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Resolution Says Takeover Talks With Phoenix Have Terminated

Nov. 20 (Bloomberg) -- Resolution Ltd., the financial-services buyout firm founded by Clive Cowdery, said talks about a possible acquisition of Phoenix Group Holdings Plc have terminated.

Resolution “did investigate the possible acquisition” of Phoenix with the closed-life insurance funds manager and its lending banks, the Guernsey, Channel Islands-based company said in an e-mailed statement today. “These talks have terminated,” it added.

Resolution “continually investigates” acquisition opportunities as part of its U.K. Life Project, which continues to progress well, its statement said.

The Sunday Times said today that Cowdery was close to securing an all-share deal that would value Phoenix near 700 pence ($11.06) a share, without saying where it got the information.

Phoenix shares closed at 492.1 pence ($7.78) in London on Nov. 18.

To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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