JC Flowers’ threat to walk away from Friends Provident, unless the embattled life assurer enters into talks with it by the end of this week, appears to bring to an end – for now at least – a pursuit that has lasted the best part of a year.

The US private equity group first cast its eye over Friends almost a year ago. Some observers believe it was one of the factors that drove Friends into plans for an £8bn merger with Resolution.