PensCorp secures Telent deal

UK - Edmund Truell's Pension Corporation has finally managed to secure a deal to buy the former Marconi pension fund for £398m (€570m).

A statement issued by the firm yesterday said PensCorp's Co-Investment No.5 Limited Partnership (CILP) had managed to gain over 91% of shareholder agreement to the takeover of GE Electricäs shell company Telent, giving CILP majority control alongside a 734 shareholding by Merrill Lynch.

All that effectively remains of shell firm now is the £2.5bn pension fund, however trustees had raised concerns about the takeover deal and the Pensions Regulator eventually intervened by appointing three independent trustees to the board.

Despite the statement confirming shareholder support, it is still unclear whether CILP now has the support of trustees to take control of the pension fund.

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