Details of the recent take over negotiations between Chase and Flemings have been announced. Chase Manhattan is to make an offer to Flemings of £2,573m in cash and US$3,622m in new Chase shares (valuing Flemings at approximately £4,880m). The deal represents an opportunity to create a global force in asset management and investment banking. The transaction is expected to benefit clients of both firms, as the two firms will be able to deliver a wider range of quality asset management, securities and investment banking products and services. Shareholders of the two firms will also benefit because of the strong growth opportunities. Upon completion of the transaction, Flemings will be renamed Chase Flemings.
We do not anticipate any effect on the operations of Stockbrokers Botswana Limited at this stage. Stockbrokers is a subsidiary firm of Robert Fleming.
