Carr Sheppards Crosthwaite, the UK wealth management arm of investment bank Investec, has today agreed a revised £188m (€271m) reverse takeover by Rensburg, a UK rival. The deal comes despite a rival offer from Rathbone Brothers.

Today's offer will see Investec control 47.7% of the merged company, less than the 63.6% it was scheduled to gain under the original offer. The latest deal also contains a £60m cash component against an original all-share deal.