EVG.L Share News (EVG)

It appears that Evolution may have more chance of acquiring rival broker Panmure Gordon than first thought because QInvest is rumoured to be considering selling its 44% stake in the broker. Ironically, Qatar-based investment bank QInvest has asked Lazard to advise it on its options. Lazard used to own Panmure Gordon and reversed it into Durlacher in May 2005 in order to create the current AIM-quoted business. QInvest owns just short of 46% of Panmure Gordon - if treasury shares are included in the total number of shares in issue. Panmure Gordon has previously acted as though it was confident that it would be backed by QInvest if a bid did emerge. Evolution has been forced by the Takeover Panel to come up with a bid by 28 October or be blocked from bidding for another six months. Some institutions are sceptical about the logic for putting the two firms together.