Ann: Macquarie Group to acquire Blackmont Capital, page-6

re: Ann: Macquarie Group to acquire Blackmont... RBS Australia 28/10/2009 3 Hold $42.02 - 19.5%
The group has acquired Blackmont Capital in what the broker notes is a continuation of its strategy of buying mid-tier investment banking assets.

In earnings terms the deal should be immaterial but the acquisition should add to the group's retail distribution capabilities in Canadian markets and so is a strategic positive in its view.

Hold rating retained given potential for near-term earnings headwinds.