Marsh & McLennan has agreed to sell Putnam for $3.9bn (€2.9bn) to Power Corp of Canada as part of chief executive offier Michael Cherkasky’s effort to retool after a share trading scandal.

The price to be paid by Montreal-based holding company Power Corp of Canada is at the higher end of most estimates and could be good news for Marsh’s battered shareholders. While the companies have reached agreement, the deal still needs the approval of Putnam employees who own shares in the company, Putnam mutual fund shareholders and the board that oversees the funds.

Posted: 12|29|06 at 11:19 am. Filed under: US News.