Canadian pension fund eyes up Moneysupermarket.com

26/07/2008

Ontario Teachers' Pension Plan (OTPP) has confirmed its interest in Deeside-based financial services company Moneysupermarket.com.

The Canadian pension fund revealed that it had made a "preliminary approach" for the company in July.

Shares in Moneysupermarket.com had risen by nearly 50% overnight ahead of the official announcement from OTPP, after the company had issued a statement rejecting an approach from an undisclosed source.

The pension fund, which manages assets of £54 billion, was asked by the UK Takeover Panel to make a statement on its plans. In the statement, it confirmed the approach but said it "has no current intention of making an offer for Moneysupermarket.com".

However, it reserved the right to make or participate in an offer for the firm in the next six months.

Moneysupermarket.com was founded in 1999 by Simon Nixon, who still has a 54% stake in the business. It was floated on the stock exchange last year.