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Investec to acquire 47 per cent share in Rensburg

Investecs private client subsidiary Carr Sheppards Crosthwaite is to buy 47.7 per cent of Rensburgs shares, making the UKs seventh largest private client manager with 10.3bn funds under management.

The new firm will be called Rensburg Sheppards.

Investecs interest in Rensburg was first announced on 10 December, 2004. But in January Rathbones made an offer for Rensburg which was rejected. The new Investec offer will lead to fewer shares being issued, with 60m being raised through subordinated debt.

The offer is thought to attempt to allay concerns that Rensburg will lose control to Investec. Based upon the price of 500p per ordinary share for Rensburg, the acquisition values Carr Sheppards Crosthwaite at approximately 188m.

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