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Legal &General bosses resolve to resist takeover by Resolution

TOP BOSSES at blue-chip insurer Legal &amp; General have resolved to fight any approach from Clive Cowdery&rsquo;s buyout vehicle Resolution.<br /><br />Chief executive Tim Breedon has been briefing investors that a Resolution approach would be unwelcome, following Cowdery&rsquo;s buyout of Friends Provident<br />last month. <br /><br />But Cowdery is understood to be undeterred by Breedon&rsquo;s hostility, and is continuing to investigate the insurer as one of nine buyout targets. <br /><br />He has pledged to buy out life insurance firms and fund managers and the vehicle raised &pound;600m last year to fund the buyouts. Resolution is currently unable to action any further buyouts as it is in a closed period, due to the Friends Provident merger, which is expected to be concluded by the end of October.