The proposed merger between UK broking houses Prebon Yamane and MW Marshall was scuppered last week by minority shareholder British Telecommunications (BT), an official confirms. BT would have held a 6 per cent stake in the merged group but was demanding a veto over future acquisitions and disposals, among other issues. The conditions were considered "unacceptable" by the currently privately-owned Prebon. Officials at both firms are said to be disappointed by the 11th hour breakdown of talk

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