(Alliance News) - Schroders PLC spent months exploring a potential acquisition of M&G PLC, in a deal that would have created a UK fund powerhouse overseeing more than USD1 trillion of assets, Bloomberg reported late Wednesday.
Citing people with knowledge of the matter, Bloomberg reported Schroders was working with a partner earlier this year to consider a breakup of M&G by splitting its asset management operations from its pension and insurance unit, according to the people. It recently abandoned the idea after deciding M&G would be too expensive, according to Bloomberg sources.
https://www.bloomberg.com/news/articles/2021-05-12/schroders-studied-m-g-deal-to-build-1-trillion-asset-manager
M&G shares ended up 4.2% at 229.20 pence, the best performer in the FTSE 100 on Thursday, while Schroders closed down 2.0% at 3,443.00p.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Schroders (SDR)
M&G (MNG)