MADRID (Reuters) – Britain’s Royal London said on Monday conversations regarding a potential merger with mutual life insurer LV= have ceased without reaching an agreement.
“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.
(Reporting by Andres Gonzalez, editing by Andrew Heavens)
