Goldman wins buyout support at Paternoster

GOLDMAN Sachs has won round the remainder of Paternoster’s investors, enabling the investment bank to buy out shareholders in a £260m deal, Paternoster confirmed last night.

Goldman gained approval from most shareholders last month, but now Paternoster’s biggest shareholder Deutsche Bank has accepted the buyout.

Deutsche, which currently holds a 40 per cent stake in Paternoster, was reported last summer to be interested in buying the entire firm to merge with its Abbey Life business.

Goldman will take on the insurance firm’s shares indirectly through its life insurance unit Rothesay, the companies will announce today, concluding several months of negotiations.