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Jupiter withdrawn from sale

Jupiter is no longer up for sale, after German parent Commerzbank said it was impossible to achieve a good price for the UK fund manager in the current market conditions.

Commerzbank will pursue a strategy of selling Jupiter products through its distribution networks in Continental Europe. It paid £670m for Jupiter in 1995, but despite buyers coming forward, none offered a price acceptable to the German bank.

New Star chairman John Duffield, former founder of Jupiter, made an offer for the company which was rebuffed and it was believed that Jupiter chief executive Edward Bonham Carter was interested in leading an MBO.

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