Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a742860

F&C shareholders agree BMO deal as revolt fails to materialise

by James Phillipps on Mar 25, 2014 at 13:19

F&C shareholders agree BMO deal as revolt fails to materialise

F&C Asset Management’s sale to Bank of Montreal for £708 million has been overwhelmingly approved by shareholders with any threatened revolt ultimately not materialising.

Some 91.83% voted in favour of the deal with just 8.17% voting against it. In the end the resolution to sell passed easily but it had looked like the board would have a fight on its hand. Activist hedge fund firm Elliott Capital Advisors had built an 11% stake in the firm in February, which it upped to just over 20% last week.

Major shareholders Standard Life Investments, which had a 10.2% stake, and Aviva Investors, which owns 12.1%, had both branded the sale price too low and invited rival bids, although Aviva admitted it would vote in favour.

F&C chief executive Richard Wilson said: ‘I am delighted that F&C’s shareholders voted in favour of the cash acquisition of F&C by the Bank of Montreal. This reflects our view that this is an attractive transaction for both companies and will prove to be an excellent strategic, financial and cultural fit. ‘BMO is financially strong and has a clear commitment to grow its asset management business. F&C will become the European centrepiece to deliver this growth.

‘It is our ability to deliver what our clients expect in terms of investment performance and client service that will build our franchise and enable us to achieve the growth we seek.  The proposed transaction with BMO will give F&C the backing to accelerate our plans.’

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Look up the shares

  • F&C Asset Management PLC (FCAM.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

Archive

On the road

Click here to find out more from the Audience Development team.

Read more...

Bundesbank boss urges Britain not to quit EU

by James Phillipps on Jul 24, 2014 at 07:01

Sorry, this link is not
quite ready yet