Investec goes after Evolution

South African banking giant, Investec, has confirmed it has made a preliminary all-share approach for stockbrokers Evolution.The firm said the approach was made subject to a number of pre-conditions including obtaining a unanimous recommendation from the Evolution board and the satisfactory completion of certain due diligence requirements. Investec said it reserved the right to waive any or all of its pre-conditions."Further, Investec also reserves the right to vary the form and / or mix of consideration and / or introduce other forms of consideration," it said in a statement. "There can be no certainty an offer will be made, even if the pre-conditions are satisfied or waived or the timing of any offer."The firm said a further announcement would be made as and when appropriate. Investec