Phoenix Group Holdings Termination of Discussions (9817S)
13 November 2013 - 6:48PM
UK Regulatory
TIDMPHNX TIDMPHNW
RNS Number : 9817S
Phoenix Group Holdings
13 November 2013
13 November 2013
Termination of discussions
Further to the statement on 12 July 2013 by Phoenix Group
Holdings ("Phoenix") regarding its preliminary discussions with
Swiss Re Ltd ("Swiss Re") in relation to a possible combination of
Phoenix and Swiss Re's UK Admin Re Business Unit ("Admin Re"),
Swiss Re and Phoenix today confirm that such discussions have
terminated as the parties have been unable to agree the terms on
which a mutually acceptable transaction could take place.
As disclosed in its third quarter IMS on 25 October 2013,
Phoenix is on track to achieve the top end of its 2013 cash
generation target of GBP650 - GBP750 million, having already
achieved GBP734 million of cash generation. The Group also
reiterates its other financial targets comprising cash generation
of GBP3.5 billion between 2011 and 2016, GBP400 million of
incremental MCEV between 2011 and 2014, and gearing of 40% by the
end of 2016. Phoenix reports its Full Year results for the year
ending 31 December 2013 on 26 March 2014.
Enquiries
Investors:
Katherine Jones
Head of Investor Relations, Phoenix Group
+44 (0) 20 3735 0914
Media:
Neil Bennett, Maitland
Peter Ogden, Maitland
+ 44 (0) 20 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
END
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