Staff
BMO Financial Group has made a preliminary offer of £697 million ($1.28 billion) to acquire London-based F&C Asset Management.
“F&C and BMO are in advanced discussions about the details of the possible offer, and the board of F&C has indicated to BMO that it is likely to recommend a firm offer at the offer price,” according to a statement issued by F&C.
The asset management firm had £90.1 billion ($165.1 billion) in assets under management at the end of September.
BMO has until Feb. 24 to decide whether or not it intends to make a formal bid for F&C.
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