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Resolution Shares Climb on Hopes of Standard Life Bid

Shares in British insurer Resolution climbed more than 3 percent in early trade on Monday on hopes of a 5 billion pound ($10.2 billion) bid from rival Standard Life, backed by Swiss Re.

Suitors have been circling Resolution since it agreed to merge with rival Friends Provident in July. An industry source said on Sunday that Standard Life and Swiss Re were working on a bid for Resolution worth around 730 pence a share.

Shares in Resolution were up 2.1 percent at 722 pence, off earlier highs of 730p. Shares in Friends Provident were down 2.8 percent.