Standard Life talks to Swiss Re on joint bid

Standard Life is talking to Swiss Re about a possible joint approach for Resolution Life.
The move comes as David Nish, finance director of Standard Life, is emerging as a strong contender to succeed Sandy Crombie, the company's chief executive, who turns 60 in February 2009.
Standard Life has been under pressure to reveal its intentions towards Resolution, a specialist investor in closed life funds, since Resolution rejected a £4.5bn approach from Pearl group, an arch rival controlled by Hugh Osmond.
Standard Life held talks in the summer about a joint approach for Resolution with Pearl. However, Mr Osmond revealed this week that he had agreed a deal with Royal London, which would see the mutual pick up some of Resolution's assets if his offer - below the market price - is successful.
In spite of the emerging interest, there is no guarantee that Standard and Swiss Re will make a move on Resolution. Standard Life, which has said it is considering a cash-and-shares offer for Resolution, could walk away at any time. Standard Life would only say that it continued to consider its options on Friday. Swiss Re declined to comment.
The Takeover Panel could soon set a deadline for potential bidders to show their hands, possibly about 10 days before shareholders in Resolution and Friends Provident are due to vote on a planned £8bn merger.
Shares in Resolution rose 16½p to 708½p on Friday, well ahead of Mr Osmond's 660p-a-share approach.
credited by: ft.com