Investec, which is an Anglo-South African based financial services company, said that that the reports of making bid for Evolution is not false, irrespective of the fact that it is their rival firm.

Evolution owns three things, first is Williams de Broë, second one is Evolution Securities and last but not the least is an investment bank. It is said that the reason behind the bid is that they want to expand their non-lending business. But a problem seems to have arrived that if this proposal gets a yes, then it could pose a threat of reduction in jobs and that too in both the companies.

Mr. Koseff, who was speaking on the behalf of Investec revealed that nowadays, competition has increased and has become more intense and in that scenario, they want to grab more opportunities and if there are not, they belie in creating some new. So, they think it would be a constructive deal for them. To tell in details, then Evolution is being offered 0.23124 per share in Investec. It would be 43% of the shares that it would handle.

After the announcement of this news, shares of Evolution have increased by 1.6% which amounts to 95.5p.