Merger / Partnership News

Bloomberg reports that, according to its sources, the merger talks between inter-dealer brokers Tullett Prebon and Tradition appear to have stalled over price.

Although things seem to currently be on hold, as Tullett is said not to wish to pay a premium for Tradition over the price of the stock at the time serious discussions started some months ago, the two firms are expected to come back to the table in due course, as they bid to close the gap on industry leader ICAP.

In the meantime, La Tribune reports that Credit Agricole may decide to sell its Cheuvreux and CLSA brokerage units in the event that partnership talks with Citic Securities fail. According to the newspaper, Indian bank ICICI are interested in a deal for the brands, which are thought to be worth around $3.5bn.

Citic has quickly come out, however, to insist that 'the negotiations are progessing well'.

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