Morgan Stanley May Buy Cazenove, Paper Says
LONDON — Morgan Stanley Dean Witter & Co. is considering buying British stockbroker Cazenove & Co. for more than $2.1 billion, the newspaper Sunday Business reported, citing unidentified sources.
Spokesmen at Morgan Stanley and Cazenove declined to comment.
Cazenove, Britain’s largest closely held brokerage, is planning to sell shares to the public next year, ending 178 years as a partnership. Since unveiling its plan in November, the company has been seen by analysts as a possible takeover target.
British investment banks owned by Schroders and Robert Fleming & Co. were bought by U.S. rivals last year. Citigroup Inc. bought Schroders’ securities unit for $2.1 billion and Chase Manhattan Corp. purchased Robert Fleming for $7.7 billion.
Cazenove Chairman David Mayhew has said the company, whose clients include about half of the country’s 100 largest companies and Queen Elizabeth II, intends to remain independent. The partners, including Mayhew and Managing Directors Robert Pickering and Nigel Rowe, own more than 70% of Cazenove.
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