Australian banking giant Macquarie Group has moved to scupper Aberdeen Asset Management's deal to buy Scottish Widows Investment Partnership (SWIP) after making a £500m cash offer for the business, according to reports.
Two weeks ago, Aberdeen Asset Management emerged as the front-runner for acquiring SWIP, confirming talks were ongoing about a takeover. Macquarie remained the second name in the frame thought to be in with a shot at buying the business, and according to a report in the Wall Street Journal it has now made a cash offer for the fund management arm of Lloyds Banking Group as it moves to outflank Aberdeen. Sources told the paper Lloyds is likely to reach a decision regarding the sale of SWIP by 22 November. Aberdeen's bid is based on issuing shares to Lloyds, with a cash offer from Mac...
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