Self-invested personal pensions (SIPP) provider IFG Group has confirmed an approach, which could lead to the company being taken over.

In a market statement the company said the approach 'may or may not' lead to an offer to acquire the company.

However, the company warned the approach was preliminary and there were no assurances an offer or acquisition would be made.

IFG Group acquired Santander's UK SIPP operation James Hay in March 2010 and reported operating profits of €4 million in its preliminary results earlier this year.

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