STOCKS NEWS EUROPE-Friends rises on Resolution proposal

Shares in Friends Provident FP.L rise 5.1 percent to top the FTSE 100 .FTSE rises in a weaker broader market after buy-out firm Resolution has proposed a merger with the life insurer, which Resolution says has rebuffed.

"The market is telling you that it is anticipating an offer higher than Friday's close," says a London-based trader.

"Resolution is cherry-picking the cheapest in the space. Friends is happened to trade on 0.6 times embedded value and has been a takeover target for several years."

Resolution shares are down 0.3 percent.

For more on Friends Provident, click on [ID:nLD542208]

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