Business Services Industry
South African Bank Plots Bid for British Merchant Bank Singer & Friedlander.
Knight Ridder/Tribune Business News, August, 2002
Sunday Business, London Knight Ridder/Tribune Business News
Aug. 25--South African banking giant Investec, which listed on the London Stock Exchange last month, is lining up a bid for the veteran UK merchant bank Singer & Friedlander (S&F).
S&F, one of the last independent merchant banks in the City, is expected to fetch around UKpound 450 million (euro720 million) or 225 pence a share.
It is not clear whether Investec intends to make an all-share or part-cash offer. However, it recently raised a small amount of capital through its London listing and last week sold part of its US operations to Fiserv Securities.
The South African bank is thought to be targeting S&F under plans to expand quickly its business outside emerging...
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