Resolution has sealed the £3.6bn (€5.2bn) acquisition of Abbey's life insurance arm and set a price range on the £1.5bn rights offering that will help fund the deal.

The closed life assurer, which was advised on the acquisition by Citigroup, Goldman Sachs and Lazard, today said it will issue up to 350 million new shares at between 440p and 520p to raise a total of £1.54bn.