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Perpetual rethink as Amvescap talks end

Perpetual has drafted inMerrill Lynch and Cazenoveto help review its

optionsafter takeover talks with Amvescap fell through.

The UK-owned fund manager says it has received a number of approaches from

potential buyers and is considering the best plan of action.

Talks with Amvescap are thought to have broken down after it was unwilling

to meet Perpetual&#39s asking price of £45 per share but neither company was

willing to comment.

Amvescap has decided to concentrate on promoting its retail and

institutional investment arm Invesco.

Perpetual is one of the few remaining UK-owned investment houses. Possible

takeover contenders include Old Mutual and CGU.

Bates Investment senior analyst James Dalby says: “Old Mutual have made it

clear they are looking to become a top 10 player in the next few years, so

I am sure they must be one of the companies which has approached Perpetual.

“CGU would also be a good match. Perpetual&#39s monthly income fund would fit

well with CGU&#39s equivalent and, after bidding for Gartmore, they have made

it clear they are looking for acquisitions. Despite Perpetual&#39s troubled

times, they are still a strong player.”

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