PIPS

PIPS

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