Merrill Lynch International (BofA Securities) said on Tuesday it has been appointed by Swiss Re as sole bookrunner for a proposed secondary sale of approximately 66 million ordinary shares Swiss Re holds in Phoenix Group Holdings plc to institutional investors.

Phoenix Group Holdings is the owner of the “old” Standard Life Assurance.

Abrdn retains a roughly 15% stake in Phoenix Group.

At Tuesday’s price, the shares being sold would be worth about £453 million.

“The placing shares represent approximately 6.6 per cent of Phoenix’s issued share capital,” said Merrill Lynch International.

“Swiss Re Finance Midco (Jersey) Limited currently owns 66,199,917 ordinary shares, corresponding to approximately 6.6 per cent of the company’s entire issued share capital.

“The price per placing share will be determined by way of an accelerated bookbuilding process.

“The bookbuilding period will commence today, 11 January 2022, with immediate effect and may close at any time on short notice.

“The results of the placing will be announced as soon as practicable after the closing of the bookbuilding process.

“Phoenix is not a party to the placing and will not receive any proceeds from the placing.”