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Schroders backs Provident in rebuffing hostile bid

Schroders backs Provident in rebuffing hostile bid

Schroders (SDR) has backed Provident Financial (PFG) in rejecting Non-Standard Finance’s (NSF) hostile bid, arguing it risks destabilising the target’s recovery and adds regulatory risks and uncertainty. The asset manager is the largest shareholder in Provident that does not also have a holding in Non-Standard Finance, with a 14.6 per cent stake in the former.

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