Hambros, the UK investment bank has accepted a £428 million ($685 million) bid from Investec, the South African financial services group. Investec will take Hambros' stake in two fund management companies, a private equity business, a varied collection of investment stakes and more than £200 million in cash. The deal sets up a fight for Guinness Flight Hambro, the fund management company. Investec wants to buy the company but Hambros' management is reluctant to sell.
May 31 1998