M and G flirts with its friend in the north
Article Abstract:
M and G could be acquired by Halifax which is interested in expanding in fund management, though M and G has not confirmed this speculation. Halifax could afford M and G, though the acquisition of Mercury Asset Management by Merrill Lynch has pushed up M and G's stock price. No bid announcement is likely to be made before Dec 2 1997 when the government is to announce plans for individual savings accounts, which will replace tax exempt special savings accounts and personal equity plans.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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Thundering herd scoops up Mercury
Article Abstract:
Merrill Lynch has bid for Mercury Asset Management and would merge Mercury and Merrill Lynch Asset Management. This would create the third largest fund manager world wide. Mercury has strong presence in non-US markets and little in the US, while Merrill is the opposite, so redundancies are not likely to occur. Deregulation of the Japanese financial services market is one opportunity that Merrill sees for the new company. A rival bid is not expected due to the price offered by Merrill.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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Banks take the punishment
Article Abstract:
United Kingdom banks have been hit by the Russian financial crisis and their stock prices have also been hit. Barclays has announced a profit warning. Lending to Russia by foreign banks increased by 100% in 1st qtr 1998. UK banks could have an exposure of 600 million pounds sterling to Russia, judging by BIS data, though this excludes government securities. It is unclear whether other banks have been more exposed than Barclays, but have yet to make this public.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
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