FINANCIAL NEWS

Report: QInvest to sell stake in Panmure Gordon

16 Oct 2010

(MENAFN) The Daily Telegraph reported that Qatar’s QInvest is considering selling its stake in British stockbroker Panmure Gordon.

QInvest, Panmure’s biggest shareholder, has asked investment bank Lazard to advise it on its options, including a possible sale of its 44 percent stake, the newspaper said in an unsourced report.

It said Lazard’s appointment follows last month’s announcement by larger rival Evolution Group that it was considering a bid for Panmure.

Last month, Panmure shrugged off the threat of a bid from Evolution, saying it had opportunities to grow despite making an interim loss.

Britain’s Takeover Panel has set Evolution a deadline of Oct 28 to decide on whether or not to make an actual bid for Panmure.

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