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Charter trust investors reject Henderson bid

Henderson Global Investors has failed in its hostile bid for Dresdner&#39s Charter European investment trust after an unpre-cedented number of the fund&#39s investors turned out for the vote on its future management.

Despite having the support of two other major shareholders – Equitable Life and Standard Life – Henderson secured only 46.2 per cent of the vote compared with Dresdner&#39s 53.8 per cent.

Henderson had proposed to wind up the £400m trust, returning 75 per cent of the fund&#39s assets to investors in cash and merging the remaining 25 per cent into the Henderson EuroTrust.

But Charter countered Henderson&#39s bid with a proposal to wind up the trust, giving investors the option to redeem 100 per cent of their investment in cash or reinvest it in a new Dresdner European trust.

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