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RIT Capital abandons Alliance Trust merger talks

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RIT Capital has said a merger with Alliance Trust is “not in the best interests of shareholders” and will not be making a formal offer as a result.

News of the potential £5bn merger was revealed last week, with Alliance Trust confirming it had received an informal approach from RIT Capital, an investment trust chaired by Lord Rothschild.

The merger would have created the largest investment trust in the UK, with Alliance Trust valued at £2.6bn and RIT at £2.4bn.

At the time, RIT said that the talks were at a “very preliminary stage of consideration”, adding that there was “no certainty” an offer for Alliance Trust would be made.

In a statement issued today, RIT said: “Following careful analysis and constructive discussions with representatives of Alliance Trust, RIT has concluded that it would not be in the best interests of its shareholders to make an offer for Alliance Trust.”

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