The pending sale to Power Corp. of Canada is part of Marsh Chief Executive Michael Cherkasky's effort to retool the global financial-services company after a share-trading scandal, The Wall Street Journal reported Friday.

The deal still needs the approval of Putnam employees who own shares in the company, Putnam mutual fund shareholders and the board that oversees the funds, the newspaper said.

Power Corp. plans no major changes to Putnam's management or structure, people familiar with the pending deal told the newspaper. This would improve the chances of getting the remaining necessary approvals.

A marked deterioration in Putnam's business could delay or shelve a deal, these people said.

Marsh shares were up 32 cents, or 1.04 percent, to $31.04 on the New York Stock Exchange in mid-morning trading Friday. Power Corp. shares were up 3 cents, or 0.01 percent, to 35.09 Canadian dollars (US$30.20) on the Toronto Stock Exchange in mid-morning trading.