The pension scheme buyout vehicle of Edmund Truell is set to pull off a coup with the acquisition of UK engineering group Telent and its £3bn (€4.4bn) retirement fund, the largest takeover to date in the UK's nascent market for the purchase of retirement liabilities.

Truell's Pension Corporation has offered 600p a share, or £398m (€568m), and Telent 's board is backing the bid. Telent shares rose 15% on news of the offer, from 510p to 587p as of 16:46 GMT.