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And the venture does not need to be overwhelmingly successful to pay its way.
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Bankers said they expected the successful bidder to pay $2 billion to $2.5 billion for the company, which has a book value of $1.44 billion and $66.6 billion in assets under management.
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He may be hoping that a successful superbond, issued to pay for investment, will give him popular backing to strengthen his case with fellow Europeans.
Typically, calculates Mr Gibbs, when the bid is contested, a successful bidder has to pay a premium of 50-60%, compared with 40% in Britain.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com