By Marietta Cauchi
Of DOW JONES NEWSWIRES
LONDON -(Dow Jones)- The London listing of Resolution Ltd. (RSL.LN), the new company formed by Resolution PLC following its GBP1.86 billion takeover of U.K. insurer Friends Provident PLC (FP.LN), will take place Nov. 5 after the High Court Wednesday approved a reduction in capital as part of the new share and cash payment being made by Resolution in the merger deal.
Under the settlement, Resolution will pay a total of GBP312 million in cash and issue new shares.
Resolution Ltd's shares will now be listed and traded on the London Stock Exchange at or about 0800 GMT Thursday, Resolution said in a statement. Shares in Friends Provident, suspended since Nov. 2, will be canceled at the same time.
The development marks the end of Resolution's protracted battle for Friends Provident which resulted in a deal worth more than more than 30% higher than Friends Provident's market capitalization before the approach was reported in the media mid-July.
Insurance entrepreneur Clive Cowdery's Resolution plans to target other insurers and analysts expect the company to move quickly now its merger with Friends Provident has been completed. Resolution has said it is also open to buying an asset manager.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com