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Amvescap shares soar 14% as it confirms Canadian bid approach

Shares of Amvescap, the Anglo-US fund group climbed 14% to 390.5p today after the company confirmed it had received an unsolicited indicative takeover approach from CI Financial, Canada's third largest mutual fund firm.

Amvescap said CI had offered to buy its Canadian operations, but the board unanimously concluded that this was not in the best interests of shareholders.

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