UNQUOTE

UK - Pension Corporation makes play for telent Plc

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Pension Corporation has made a 600p per share offer for telent, the only part of former industrial giant Marconi that remains independent. The deal represents a market capitalisation of ТЃ389m and has been recommended by telent's board. The trustees of the company's pension fund, however, have yet to approve the proposed offer which would see Pension Corporation acquiring the ТЃ3bn pension fund and possibly selling off the operating business. Fortress Investment tried to do the same thing with telent in mid-2006 but was scuppered by telent shareholder Polygon, the hedge fund.

Edward Truell, the former head of Duke Street Capital and the man behind Pension Corporation, believes that the trustees of telent's pension fund will approve the deal as it is being funded solely by equity. Ericsson purchased most of Marconi's assets in 2005. Telent is involved in the building, migrating and supporting of telecom networks. Related links: http://www.unquotenews.com/public/showPage.html?page=unquote_portal_story&tempPageName=338182

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