JPMorgan Chase is set to take full ownership of Cazenove, the 190 year old stockbroker, in a £940m deal.
Huge pay-outs for some of the City's leading financiers are expected as a result of the move. The US investment bank is in advanced talks to buy for 500p-525p per share the 50% of a joint venture with the stockbroker it does not already own, reports the Financial Times. The price is more than double the most recent quoted 245p in April this year. Senior figures at Cazenove, as well as chairman David Mayhew who has been with the group for four decades, are set to receive the largest pay-out of £18m-£19m. Mr Mayhew owned more than 3.6m ordinary shares and another 400,000 in restri...
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