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Friends Provident Hands F&C Stake To Shareholders
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Posted on
Jul 03 2009 1:58 AM
by
adeal
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U.K. insurer Friends Provident PLC (FP.LN) finally unloaded its majority stake in F&C Asset Management PLC (FCAM.LN) Friday, cutting it free of losses at the troubled asset management firm and letting it focus on reviving its core businesses. The insurer handed over the bulk of the 52% holding - worth about GBP170 million based on F&C's closing share price Thursday - to its own shareholders after a fruitless attempt to sell it to a rival asset manager.
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