Putnam Lovell Group Inc. has held talks with National Bank of Canada and two other possible buyers, Bloomberg is reporting. San Francisco-based Putnam is an investment bank that specializes in the financial-services industry.
Bloomberg says that the discussions began two months ago. The talks may not result in a sale. Bloomberg says its source declined to identify the other two suitors except to say that one of them is European. Carole Gagne, a spokeswoman for National Bank declined to comment. Jeff Lovell, co-founder of the firm also declined to comment.
Bloomberg notes that Putnam Lovell sold a 25% stake to Canada’s Caisse de Depot et Placement du Quebec in the form of convertible debt for US$25 million in June 2000. It suggests that the firm may be valued at about US$100 million.
The Caisse told Bloomberg that it has been kept abreast of developments in the talks. Andre Bourbonnais, president of its CDP Financial Services unit said his company would prefer that Putnam Lovell end up with a Quebec company.
Putnam Lovell Group in talks with potential buyers
National Bank tops the list according to Bloomberg
- By: IE Staff
- February 7, 2002 February 7, 2002
- 17:50
IE Staff