Liberty Life to merge with Aspis

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Liberty Life Insurance Pcl (LIB) is expected to merge with Aspis Pronia (Cyprus) Ltd, following the successful acquisition of 50% plus one share of MFS issued share capital by Aspis Group S.A.. The merger is expected to be completed by November 2006. MFS holds a 50.06% stake in Liberty Life Insurance Pcl but the deal is subject to regulatory approval.