17 Mar, 2017
Stockbroker Panmure confirms Bob Diamond takeover
Bob Diamond, the ex- Barclays chief executive, has joined forces with a Qatari investment bank to take over Panmure Gordon, one of Britain’s oldest stockbrokers.
The deal, confirmed Friday morning, will see Mr Diamond’s private equity vehicle, Atlas Merchant Capital, and QInvest, the Qatari investment bank, take the company private. QInvest already owns a 43% share in Panmure. The company can trace its roots to 1876 and has been a fixture in the City of London, with alumni that include three generations of David Cameron’s family.
Its reputation as one of the City's oldest stockbrokers vexes chief executive Patric Johnson, who said that the group was "dogged by the past of our fathers" as any mention of Panmure is about its history.
Praising this morning's deal, Mr Johnson, who is expected to remain at the helm of the stockbroker, said that this was "not about Bob Diamond."
"Do I expect Bob Diamond on the board? No, why would he be. This is not about Bob Diamond. This isn't his return to London, he's not going to run little Panmure Gordon."
The takeover offer of 100p a share values Panmure Gordon at £15.5m, a hefty premium to its £9.25m market value before the deal was announced Thursday night. Panmure's board said it would recommend the offer to its shareholders. Shares in the stockbroker qucikly surged 70% at the start of trading, reaching an offer price of 100p.
The return of Mr Diamond to the Square Mile comes just one month after the banking expert prompted an acquisition to buy the Greek banking arm of France’s Credit Agricole via the same investment vehicle.
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