Asset manager GAM talks to Carne Group about transfer of part of business

Gam Holding AG

23/05/2023 16:28

ZURICH, May 23 (Reuters) - Asset manager GAM Holding
 GAMH.S  is in exclusive talks on the transfer of its fund
management services in Luxembourg and Switzerland to Carne
Group, GAM said on Tuesday.
    Zurich-based GAM has been at the centre of a takeover
struggle in recent weeks, with investors considering rejecting
an offer from British firm Liontrust Asset Management.
    The possible transfer is in line with a condition Liontrust
had attached to its bid.
    "Following the recent announcement of our intention to
transfer the Fund Management Services (FMS) business in
Luxembourg and Switzerland to another provider, we are pleased
to confirm that we are in exclusive discussions with the Carne
Group," GAM said in a statement.
    Carne Group did not immediately reply to a request for
comment.
    Liontrust  LIO.L  earlier this month conditionally agreed to
acquire GAM in a deal that valued the company at 107 million
Swiss francs and under which Liontrust would offer 0.0589
ordinary shares of Liontrust for one GAM share.
    Investors, including French billionaire Xavier Niel, had
criticised the lack of cash in the offer from Liontrust, and
pushed for a higher price.
    Meanwhile Swiss entrepreneur Marco Garzetti is prepared to
invest 65 million Swiss francs ($73.12 million) in GAM and
provide an alternative to the Liontrust offer, his company said
on Friday.
($1 = 0.8889 Swiss francs)

 (Reporting by Oliver Hirt, writing by John Revill; editing by
Barbara Lewis)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))