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U.S. investment bank J.P. Morgan will offer 500 to 525 pence per share to buy out the remaining 50 percent stake in stockbroker Cazenove according to a report in the Sunday Telegraph.
The deal, which is expected to be signed in the next few weeks, values the Queen's stockbroker at close to 2 billion pounds ($3.32 billion), according to figures close to the deal, said the newspaper.
Cazenove, which has been a partnership for most of its history, was valued at 700 million pounds when JP Morgan bought 50 percent of the group in a deal in 2004.
The move will bring a windfall of around 1 billion pounds to shareholders, who are primarily current or former employees.
Reuters reported last month that the owners of JPMorgan Cazenove's joint venture were keen to make a decision on whether J.P. Morgan should buy out its UK investment banking partner before bonuses are set for staff by early January.
Cazenove and JP Morgan declined to comment.
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