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Canadian banking group bids for F&C Asset Management

F&C Asset Management says board would recommend a "firm offer" under the proposed terms

F&C Asset Management has acknowledged that BMO Financial Group has made an approach to buy out the business at 120 pence per share.

BMO Financial Group - originally Bank of Montreal - has been advised by F&C that the board would recommend shareholders to accept the offer, if the provisional terms described are made in the form of a "firm offer".

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