Macquarie is considering an approach to the board of M&G about a takeover bid for the FTSE-100 fund management and insurance group, Sky News can reveal.
Macquarie, the Australian banking and finance powerhouse, is weighing a £5bn-plus takeover bid for M&G, the FTSE-100 fund manager and insurer.
Last Friday, its shares shot up close to 10% amid vague market chatter about an offer from an unidentified suitor. The valuation of any proposal is unclear, with a typical 30% takeover premium potentially making an offer worth as much £6.5bn. The Australian group would be unlikely to seek to retain M&G's insurance operations, with analysts suggesting on Wednesday night that it could partner with an acquirer of that business or seek to sell it after a takeover completed.
Ironically, M&G fund managers recently highlighted the fact that historically weak share prices - despite the recent performance of the FTSE-100 index - had left many British companies vulnerable to overseas bids. Any bid for M&G would test the resolve of the company's new chairman, Edward Braham, a former senior lawyer at Freshfields Bruckhaus Deringer.
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