Fleming denies Commerzbank bid

ROBERT FLEMING, one of the UK's last remaining independent investment banks, yesterday moved to squash rumours that it had rejected a pounds 3bn offer from Commerzbank because of opposition to a takeover from its founding family.

Weekend reports suggested that Commerzbank tabled a pounds 22-a-share bid for Robert Fleming Group, nearly three times its current market value, in September. However, the reports said the bid was blocked by the Fleming family, which holds a 30 per cent stake.

The bank has also been linked in recent weeks with ABN Amro, JP Morgan and Paribas. A spokesman for Robert Fleming said: "We have had no contact at all with Commerzbank. There has been no bid and no talks. We are not up for sale."