Canada's BMO acquires Britain's F&C
Canada's BMO Financial Group will acquire UK-based financial manager F&C for 1.3 billion Canadian dollars (860 million euros), the companies said in a statement Tuesday. The acquisition will double BMO's assets under management. Established in 1817 as Bank of Montreal, BMO Financial Group is Canada's first bank and has been operating continuously in the UK since 1870.
Copyright Agence France-Presse, 2014
"Under the terms of the acquisition, F&C shareholders will be entitled to receive 120 pence in cash for each F&C share held. This represents a premium of approximately 28% to the closing price of F&C shares as at January 24, 2014 and values the issued share capital of F&C at approximately £708 million (C$1.3 billion)," the statement said. "F&C is a diversified UK-based investment manager with a strong brand and footprint in the UK and the rest of Europe and assets under management of approximately £82 billion (US $136 billion), as at December 31, 2013," added.