Standard Life today succeeded where Pearl Assurance failed, persuading UK life assurer Resolution to drop a planned merger with Friends Provident in favour of its £4.9bn (€7bn) bid. However, Pearl hit back less than an hour later with a higher offer and revealed it has upped its Resolution stake to more than 24%.

The battle for control of Resolution entered a new phase today as Standard Life this morning launched a £4.9bn (€7bn) recommended bid for Resolution just minutes ahead of a noon deadline set by UK takeover regulators that was extended from yesterday evening.