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Article: HHG to fully acquire investment arm.(HHG PLC)(Brief Article)
- Article from:
- Financial Advisor
- Article date:
- April 8, 2004
CopyrightCOPYRIGHT 2004 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PEARL Assurance is set to sell its 24 per cent stake in HHG Invest, the investment group that controls Henderson Global Investors.
The stake will be bought by HHG, after the group announced the placing of 246m new ordinary shares by UBS and Cazenove.
Prices have been set at 48p per share and the placement should raise AGBP118m, just enough to acquire the remaining 24 per cent of HHG Invest from its subsidiary, Pearl.
The acquisition will give HHG 100 per cent ownership of HHG Invest.
The acquisition from Pearl is part of a group restructuring at HHG that has been designed to cut costs in the groups life business.
Pearl had ...