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Amvescap, the Anglo-American fund manager has seen off the unwelcome attentions of CI Financial.

The Canadian company, withdrew its threat of a hostile bid in the absence of a recommendation from the Amvescap board.

CI Financial, gave the need to see Amvescap's books as the reason for not going hostile.

The market has seen a paucity of hostile takeovers for this very reason. The most famous being Philip Greens abortive attempt at Marks And Spencer.

Amvescap has reserved the right to make a bid if a third party also does so.

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