Wachovia and Mellon Financial are bidding for MFS Investments, according to reports, citing people familiar with the situation.

Certainly, both companies have recently been making acquisitions. Last month, Mellon CEO Robert Kelly said his No. 1 priority is to bolster the company’s $870 billion fund unit, and earlier this month, Mellon acquired the $20 billion Walter Scott & Partners of Edinburgh. In June, Wachovia acquired Metropolitan West Capital Management.

“Wachovia wants more scale in the mutual fund business, and MFS would be an easy way to get it,” Mark Batty, an analyst with PNC Wealth Management, told Bloomberg.

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