M&G did not immediately respond to a Reuters request for
comment while Macquarie declined to comment on the report.
The deal comes at a turbulent time for the British
financial services sector as retail savers and investors battle
with economic recession, rising interest rates and rampant
inflation partly due to the impact of the Ukraine conflict.
($1 = 0.8335 pounds)
(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Krishna
Chandra Eluri)
March 1 (Reuters) - Australian investment bank Macquarie
Group Ltd is at the early stages of exploring a
takeover bid of over 5 billion pounds ($6.00 billion) for
British money manager M&G , Sky News reported on
Wednesday citing sources.
Macquarie is yet to make an approach to M&G's board,
according to the report.
The valuation is unclear as of now, the report said, adding
that a typical takeover premium of 30% would take the offer to
around 6.5 billion pounds.
Macquarie is unlikely to keep M&G's insurance operations,
the report added, and could either partner with a firm that
could acquire that part the business or look to sell after
completing the takeover.
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