Britain’s Royal London said conversations regarding a potential merger with mutual life insurer LV= have ceased without reaching an agreement, reported Reuters.
“Our offer to preserve LV=’s mutuality through a merger with Royal London was based on an understanding that LV= did not have a viable future as an independent company,” Barry O’Dwyer, Chief Executive of Royal London, said.
Earlier this week, LV= said its chairman Alan Cook would step down after members of the mutual life insurer voted in December to reject another takeover approach by private equity giant Bain Capital.
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