Resolution reaches for £2bn rights issue to end drought
One of the largest capital increases by a UK company this year is in prospect as an insurance buy-out vehicle seeks to fund the acquisition of Axa’s British life business. Resolution’s £2bn deal comes at a time when rights issues in Europe are at their lowest levels in five years, according to Dealogic.
Equity bankers are desperate for more underwriting after Prudentials $21bn rights issue fell through a fortnight ago following the companys failure to convince its shareholders to support the acquisition of AIGs AIA.
Barclays Capital and RBC Capital Markets will fully underwrite the issue. Corporate broker Citi, which led
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