on acquiistion trail -watchup for a big one

Home » Business » Xchange » Article
MacBank eyes London broker
Email Print Normal font Large font April 19, 2006
Page 1 of 2 | Single page
Yo bro, doze demon dudes of the holey dollar are hip-hopping to shop in England.

Advertisement
AdvertisementWHILE Macquarie Bank's $3.6 billion bid for the London Stock Exchange collapsed in a heap, it hasn't stopped the Millionaires Factory from seeking to beef up its presence in the Old Dart, specifically, in the City.

The latest rumour doing the rounds is that Macquarie is running the rule over UK stockbroker Williams de Broe, which has offices in London, Birmingham, Leeds, Edinburgh and Geneva.

Macquarie has been linked to several UK brokers, including Collin Stewart and Bridgewell, but analysts say the Williams de Broe rumour is particularly believable.

For starters, it is owned by Dutch investment house ING, which has already sold Macquarie its Asian equities business and the bank has not been shy in letting the market know how happy it is with that acquisition.

Macquarie is keen to control its distribution in the markets in which it is doing business.

That way, when it lists a fund or advises a corporate client, it doesn't have to pay commission to another broking house.

The bank announced earlier this month that it was setting up a joint venture with South African broker First South.

A report in the British Daily Telegraph said Williams de Broe would fetch between £10 million and £30 million ($24 million-$72 million).