Cutting edge: close-up: Insurance tie-up shows way forward for M&A under new listing rules

Author: | Published: 1 Aug 2005
Advisers to the deal
Britannic Group

Legal advisers: Herbert Smith
Financial adviser, joint sponsor and joint broker: Citigroup
Joint corporate broker: Dresdner Kleinwort Wasserstein
Auditors: KPMG
Accounting due diligence adviser: PricewaterhouseCoopers

Resolution Life Group

Legal advisers: Slaughter and May
Joint financial adviser: Lazard
Joint sponsor and joint financial adviser: Goldman Sachs
Auditors: Ernst & Young

On July 1 2005 the new Prospectus and Listing Rules came into force. On the same day, Britannic Group posted to its shareholders the public documents in connection with its proposed merger with Resolution Life Group Limited, the first such transaction under the new regime. A number of issues arose during the transaction, particularly the extent to which the public documents prepared by Britannic were regarded by the UK Listing Authority (UKLA) as setting a precedent.

Britannic and Resolution both specialize in the ownership and administration of closed life funds, a sector that has...