Schroders has announced that it is discussing a possible cash offer for Cazenove, with a deadline of 19 April to either agree a deal or walk away.
Cazenove, which was established in 1823, linked up with US investment bank JP Morgan in 2005. Subsequently the asset management business demerged from the group to become an independent operation under the name Cazenove Capital. It now has around £18.7bn in assets, and if the deal goes ahead it would boost 200-year old Schroders by around 10%.
Schroders' shares have slipped 11p to £20.70 following the announcement.
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