Broker Exco reveals merger talks

Article Abstract:

Exco, the UK securities house which has been under considerable pressure is in reverse takeover talks with Intercapital, its privately owned rival. Under the terms of the deal, Intercapital would gain a 60% stake in the merged company, to be known as Intercapital plc, having reversed its broking operations into Exco. The deal would double Intercapital's value to GB 65mn. Exco was part of the failed British & Commonwealth Group; although the impact of the Asian financial crisis is seen as a factor in its demise, analysts blame the difficulties on Exco's failure to adapt to automatic trading.

Comment:

Will merge with rival securities house Exco, with co gaining 60% stake in merged co to be called Intercapital

Securities Dealers, Investment Banking and Securities Dealing, Acquisitions & mergers, Intercapital PLC, Exco International PLC, Intercapital

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Woolwich sets up as property dealer

Article Abstract:

A new unit called HomeSmart has been set up by the UK Woolwich bank which buys houses from mortgage customers who want to move, as long as the property comes up to certain standards. This is the first time that such a unit has been set up by a UK mortgage provider and it is designed to overcome concerns about house buying chains among home owners. After buying properties the Woolwich carry out repairs and to pay for this they usually offer below market prices for a purchase.

Comment:

Sets up new unit HomeSmart to buy houses from mortgage customers who want to move as long as property meets certain standards

Mortgage Bankers, Real Estate Credit, Mortgage banks, HomeSmart, Woolwich Bank

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New MGAM unit

Article Abstract:

Morgan Grenfell Life & Pensions has been created by Morgan Grenfell to oversee its expanding contributions pensions operation in the UK. Asset management business Morgan Grenfell, which is owned by Deutsche Bank, plans to launch the contribution pensions on 28 August 1998. Morgan Grenfell will offer seven new funds, taking the total to 13, including overseas equity and actively managed UK funds. *

Comment:

Creates Morgan Grenfell Life & Pensions to oversee its expanding contributions pensions operation in UK

Pension Funds & Benefit Plans, Pension Funds, Morgan Grenfell Life and Pensions, Morgan Grenfell

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