Marconi trustees concerned over Telent takeover

News

Moves by a wholly-owned subsidiary of bulk purchase annuity provider, Pensions Corporation, to acquire telecommunications group, Telent, has met with scepticism from the company's trustee board, with a source close to the board expressing fears over a potential weakening of the scheme's covenant if the deal goes through.

Pensions Corporation's Guernsey registered subsidiary, Co-Invest No 5, has acquired a 29.38% stake in Telent - a hair's breadth from the 30% mandatory offer threshold - a sta