Telent Fate Decided

THE fate of Marconi’s 62,000-member pension scheme has finally been decided after its potential buyer decided to press ahead with a Pounds 400m takeover.

Retirement fund consolidator Pension Corp has declared unconditional its 600p-ashare offer for the fallen technology giant’s rump, Telent (up 83p to 598p), after reaching a tentative understanding with regulators and the scheme’s new trustees.

The deal was thrown into doubt last month after the Pension Regulator took the unprecedented step of appointing new trustees to the Pounds 2.5bn Marconi scheme.

They will stay in charge until April at the earliest after the pensions watchdog said there was a potential ‘conflict of interest’ between the plan’s new owner and its members.

(c) 2007 Daily Mail; London (UK). Provided by ProQuest Information and Learning. All rights Reserved.