Canadian fund giant CI Fund Management has unveiled its plan to acquire troubled Amvescap, parent to the AIM Funds and former Invesco Funds, for $7 billion in cash, the Globe and Mail reports.

Amvescap has reportedly rejected the offer, but Martin Cross, an analyst with the London brokerage house Teather and Greenwood, said CI Fund's aggressiveness has opened a Pandora's box.

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