The purchase by Unum Provident of Swiss Life's group risk (i.e. company life insurance and health insurance business) has broken down. The collapse of the deal follows the announcement by the Office of Fair Trading, who are investigating the purchase, that a decision regarding the deal would not be reached until April next year.
Our view
In business terms and in customer uncertainty terms, April is a lifetime - and could cost both party's millions in lost clients if they are unsure and move to the competition.
We are not surprised that the deal has broken down - there is too much to risk by both parties. Governmental "quangos" yet again kill progress by their lack of the same! The deal was only announced months and months ago.