Aviva agrees £5.6bn takeover with Friends Life
Both boards will recommend proposals to their shareholders.
Aviva has agreed the terms of its proposed takeover with the board of Friends Life. The deal for the pensions firm was first reported on 24 November.
Shareholders in Friends Life will receive 0.74 new Aviva shares per Friends Life share they hold.
The price values the deal at £5.6bn and delivers a 15% premium to Friends Life shareholders on the closing price on 20 November.
Aviva stated that the deal would result in annual cost savings of £225m by 2017 while the combined company would deliver
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