As reported in COVER's mid-November news bulletin, UnumProvident's plans to take over Swiss Life UK'...
As reported in COVER's mid-November news bulletin, UnumProvident's plans to take over Swiss Life UK's employee benefits business have been put on hold following the Office of Fair Trading's (OFT) decision to refer the proposed acquisition to the Competition Commission (CC).
The decision to involve the CC follows the OFT's fear that the merger would result in a significant reduction in competition in the group employee benefits market, therefore limiting choice for consumers.
UnumProvident's chairperson and managing director Susan Ring admitted the insurer was disappointed with the OFT's decision, but remained confident that the merger will go ahead.
"We are confident that working with Swiss Life UK we will achieve a way forward that best addresses the needs and expectations of both organisations' customers, staff and other stakeholders," she said.
The CC is expected to report back by 8 April 2004.
