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February 15, 1987

IBL SHARE PRICE SOARS AS IT CONFIRMS TALKS TO ACQUIRE CSC OF WEST GERMANY

By CBR Staff Writer

Shares in computer leaser IBL Plc jumped for euphoric joy on Friday as the company confirmed that negotiations are under way for it to double its West German business by acquiring Munich leasing company CSC Leasing & Finance, in an agreed bid that the Daily Telegraph reckons could be worth up to UKP20m. The IBL share made a remarkable 43% leap, jumping 27 pence to 90 before boiling over to close at 88 pence. CSC claims to be West Germany’s largest IBM computer leasing company, and the move would follow a growing pattern of UK computer and electronics companies buying into the West German market by making acquisitions there. West Germany is IBM’s biggest mainframe market in Europe, and CSC, based in Munich, had turnover of over UKP100m last year. It also has subsidiaries in five other European countries, fitting well with IBL’s strategy of covering the entire European market with local subsidiaries to take maximum advantage of the opportunities for arbitrage as currency fluctuations and local conditions cause local prices for IBM equipment to get out of line. IBL is expected to report pre-tax for 1985 of between UKP10m and UKP11m when it comes to report in the first week of April.

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