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CI pulls out of Amvescap takeover bid

Shares in Amvescap, owner of Invesco Perpetual, have fallen 42p to 373p following the withdrawal of Canadian firm CI Financial from a proposed 3.4bn takeover of the group.

CI say they cannot develop an offer proposal without the full co-operation of Amvescap. Analysts say the firm’s resistance to take-over is likely to deter further hostile bids.

The withdrawal of CI’s bid follows news that new Amvescap chief executive Marty Flanagan is to be paid up to 28m this year.

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