Cheyne leads for Links on £8bn insurance bid
Linklaters senior partner David Cheyne is playing a lead role on the £8bn merger talks between UK insurance companies Friends Provident and Resolution. Cheyne is leading the Linklaters team acting for Friends Provident alongside corporate partner Owen Clay.
July 23, 2007 at 11:18 AM
2 minute read
Linklaters senior partner David Cheyne is playing a lead role on the £8bn merger talks between UK insurance companies Friends Provident and Resolution.
Cheyne is leading the Linklaters team acting for Friends Provident alongside corporate partner Owen Clay.
Cheyne has continued to practise since taking over from Anthony Cann as senior partner of the magic circle law firm last year. Since stepping up to the management role he has advised Scottish Power on its £12bn takeover bid by Iberdrola and also acted for Experian on its de-merger with GUS.
Herbert Smith – which has a longstanding relationship as corporate adviser to Friends Provident – is understood to be acting for Resolution on the latest deal. Resolution has also turned to elite London firm Slaughter and May for advice in the past.
The two insurers confirmed today (23 July) that they are in advanced merger talks that would create a company worth around £8bn if successful. The proposed deal would involve an all-share agreement, with Friends Provident shareholders owning 49.1% of the combined entity, with Resolution shareholders holding the majority share.
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