If Marsh & McLennan Companies had not gotten the price it did for Putnam, it would have pursued other avenues for the divestiture of its investment firm subsidiary, but a spin-off would probably have crippled the new company with debt, MMC's chief executive explained.
"This is an important transaction for MMC and its shareholders," said CEO Michael Cherkasky. "We will receive an attractive price for Putnam, strengthen our ability to focus on our core businesses, and significantly enhance our financial flexibility."
However, he added during a Feb. 1 conference call to discuss the sale, "if it hadn't been this kind of price, it could have been a different decision for us."
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