A Guernsey-based special investment vehicle yesterday succeeded in buying the company that sponsors the giant £2.5 billion pension scheme for former GEC employees.

Telent, formerly Marconi and GEC before that, said that the bid had been declared wholly unconditional after 91.9 per cent of its shares had been voted in favour of the offer.

The bidder, Co-Investment No 5 LP, is a specialist vehicle backed by Pension Corporation, a business set up to take control of pension funds by buying their sponsoring companies.

CI5LP had considered pulling out of the £398 million bid after the Pensions Regulator intervened, appointing independent trustees to protect members’ interests. Telent said yesterday that “there is a realistic prospect of a resolution of the issues”. The regulator is expected to publish a statement today.

It was not clear last night whether CI5LP had succeeded in persuading the independent trustees that it could take control of the fund.

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