QInvest mulling sale of Panmure stake – paper
Lazard's appointment follows last month's announcement by larger rival Evolution Group that it was considering a bid for Panmure.
October 15, 2010 9:01 by Reuters
Qatar’s QInvest is considering selling its stake in British stockbroker Panmure Gordon , the Daily Telegraph reported on Friday.
QInvest, Panmure’s biggest shareholder, has asked investment bank Lazard to advise it on its options, including a possible sale of its 44 percent stake, the newspaper said in an unsourced report.
Lazard was not immediately reachable for comment.
It said Lazard’s appointment follows last month’s announcement by larger rival Evolution Group that it was considering a bid for Panmure.
Last month, Panmure shrugged off the threat of a bid from Evolution, saying it had opportunities to grow despite making an interim loss.
Britain’s Takeover Panel has set Evolution a deadline of Oct. 28 to decide on whether or not to make an actual bid for Panmure.
(Reporting by Karolina Tagaris; Editing by Anshuman Daga)