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FT Opening Quote: Panmure Gordon confirms Bob Diamond’s takeover

Summary:
Panmure Gordon confirms Bob Diamond’s takeover; Berkley signals strong profits; Amec wins US Airforce contract. FT Opening Quote is your early Square Mile briefing. You can sign up for the full newsletter here. Lossmaking stock broker and investment bank Panmure Gordon has accepted a takeover offer from Bob Diamond’s investment firm Atlas and the investment vehicle of the Qatari royal family, it confirmed today.Panmure’s directors unanimously recommended the bid of 100p per share, a 68.1 per cent premium to the company’s undisturbed share price which values it at £15.5m.Atlas Merchant Capital, which was created by the former Barclays chief executive, will control a majority stake in Panmure after the acquisition, with QInvest maintaining its current 43 per cent.The company has already received commitments to vote in favour of the deal from 60 per cent of shareholders.Tamim Al-Kawari, QInvest chief executive, said:We have been major investors in Panmure Gordon for more than seven years and are excited about this opportunity to work with Atlas to develop the business, alongside its management team and employees, and to assist it in fulfilling its potential.The housebuilder Berkeley Group expects profits for the year to April to come in “at the top end of analysts’ expectations” despite a slowing housing market in London, the market in which it specialises.

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Panmure Gordon confirms Bob Diamond’s takeover; Berkley signals strong profits; Amec wins US...

Siona Jenkins
Former Cairene; FT Middle east news editor. Views my own.

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