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Jupiter says no to Duffield offer of £50m over highest bid

New Star chairman John Duffield has had an audacious bid for Jupiter Asset Management rejected des-pite pledging to pay at least £50m more than the highest bidder.

After months of speculation about a possible move, Duffield wrote to investment bank Goldman Sachs, which is advising Jupiter&#39s parent Commerzbank, with an offer he said would exceed by tens of millions the highest credible bid.

But within 24 hours, Goldman rejected the app-roach despite having failed to find a buyer prepared to pay Commerzbank&#39s asking price of £500m.

The move is the latest twist in a saga which began when Duffield and Commerzbank became emb-roiled in a dispute over the sale of Jupiter, the firm Duffield founded in 1986.

Having already sold 75 per cent of the business to the German bank for £450m in 1995, Duffield objected to the amount it was willing to pay for the remaining 25 per cent and left, eventually taking Commerzbank to court for unfair dismissal.

After a messy public spat, Commerzbank settled out of court for £5m but Duffield and Jupiter remain at loggerheads.

New Star chief executive Howard Covington says: “There are many synergies but they did not want to discuss it. It seems illogical that Commerzbank, which is supposed to be looking for the best cash price, does not want to deal with us.”


Chartwell says savings compulsion still needed

IFA Chartwell has warned the Sandler review will not meet some of its original objectives such as encouraging those on low incomes to save despite being “well-intentioned”.The IFA says that the simple range of products will not get people to save without a long term learning process and some element of compulsion.

How much new business is there?

Am I alone in wondering what real levels of new business are being done in financial services industry at present?It seems to me that we are going the same way as UK Ltd at the moment. There has been a growing service industry comprising of regulators, compliance officers, networks and various personnel who create no […]

Report backs CP121

The Pickering review has sided with the FSA in its bid to abolish polarisation and allow for two tiers of advisers because it will help open up the pensions market.The report says that CP121 will allow help to end “financial exclusion among those on low and moderate earnings”

Key features docs to be shortened and simplified

Key features documents need to be shortened and simplified because they do not currently serve any purpose Ron Sandler believes.At the same time, he is proposing a Consumer Guide which would provide consumers with a list of straightforward questions to ask their adviser. The guide would be compulsory for advisers to provide to potential clients. […]

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