UK - Pension Corporation makes play for telent Plc

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.