ISIS and F&C merge: details

FP will pay F&C’s Dutch owner Eureko £378m in cash and shares to control 51% of the new single firm, with Eureko owning 23% and the remainder, 26% traded on the market. FP will fund its £250m cash payment through an institutional placing of about 172 million new FP shares on the market, equivalent to about 10% of the existing shareholder equity. FP shares are down 8p to 137.5p so far today. Shareholders in FP will benefit even if the deal does not go through because of a clause allowing it to retain the proceeds of the placing being carried out to fund the cash element of its deal wit...