BMO Financial Group in talks to buy British money manager F&C Asset Management

January 27, 2014 - 9:57 AM

TORONTO - BMO Financial Group (TSX:BMO) is in talks to buy F&C Asset Management in a potential deal worth roughly C$1.3 billion, the British investment firm said Monday

F&C Management said BMO has proposed a bid of 120 pence per share in cash for the firm and the two are in "advanced discussions" regarding a possible offer.

The investment manager cautioned a firm offer has not been made.

BMO has until Feb. 24 to either announce a firm intention to make an offer for F&C Management or announce that it doesn't plan to a bid.

Canadian banks have been beefing up their wealth management businesses in recent years.

F&C Management traces its history to the launch of the Foreign and Colonial Investment Trust, launched in 1868.

News from © The Canadian Press, 2014

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