Friends scraps sale of Pantheon Financial

LONDON (ShareCast) - Insurer Friends Provident (LSE: FP.L) has scrapped plans to sell its financial advice unit Pantheon Financial.

The group said it has decided to retain ownership to avoid disruption in the business due to the ongoing speculation on changes of ownership.

"Despite a number of positive expressions of interest Friends Provident believes it will not be possible in the short term to achieve a sale price that will realise suitable value for shareholders. Therefore it has taken the decision to retain Pantheon Financial," the group said.

Earlier this year, the group put up Pantheon Financial up for sale, along with asset management firm Lombard and its stake in F&C Asset Management.

The sales of the businesses were supposed to be part of the group's strategy to refocus on the life and pensions industry.

Source:http://uk.biz.yahoo.com/080714/214/i35dw.html