New Star Asset Management is expected to acquire Union PLCs 60% stake in WorldInvest Ltd. on Wednesday, according to a source close to the discussions. Observers speculate the deal has been delayed pending the outcome of discussions between John Duffield, New Star founder and chairman, and Commerzbank. Mr. Duffield is suing Commerzbank in a British court for £15 million ($21 million) for unfair dismissal earlier this year from bank subsidiary Jupiter Asset Management, where Mr. Duffield was chairman. The case has been adjourned until Wednesday morning.
WorldInvest directors currently hold the balance of the companys shares.