25th Jul 2007 07:21
F&C Asset Management PLC25 July 2007 To: London Stock ExchangeAttention: RNSFrom: F&C Asset Management plc (the "Company")Date: For immediate release - 25 July 2007 F&C Asset Management PLC ("F&C") Statement re: proposed merger of Friends Provident PLC (FP) and Resolution PLC (Resolution) F&C notes today's announcement by FP regarding its proposed merger withResolution. The announcement included the following statement in relation to F&Cand the asset management strategy of the enlarged group: "Asset management will be a core activity of the Combined Group which had totalfunds under management of £165 billion as at 31 December 2006. Followingcompletion of the merger, it is proposed that Resolution Asset Management (RAM)will be combined with F&C on terms to be agreed between the boards of theCombined Group and F&C. F&C will continue to be separately listed and majorityowned by Friends Financial. The combined asset management operations would be a leading manager of UK lifefund assets as well as a significant manager of third party funds. It isestimated that total annualised cost savings of approximately £26 million beforetax could be achieved from the combination of RAM and F&C. F&C will remain committed to its three year accelerated growth plan announcedwith its preliminary results in March this year. Subject to reaching anagreement with the F&C Board, F&C's management will lead the integration of F&Cand RAM in such a way as to build on the capabilities and skills of bothbusinesses. The combined business will work closely with joint venture partnersof both groups." Discussions between the parties in relation to the possible acquisition of RAMby F&C will take place within the context of the related party transactionsprovisions of the UK Listing Rules and the transaction will also require theapproval of the independent shareholders. - ends - Enquiries: Jason Hollands, Head of Group Communications - Telephone: 020 70114168 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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