US investment bank Lehman Brothers has pulled out of talks to acquire UK stockbroker Cazenove, The Business newspaper reported on Sunday, without citing any sources.
The US bank is understood to have submitted a number of offers to Cazenove but they were all rejected, the newspaper said.
Cazenove declined to comment. Lehman Brothers was not immediately available for comment.
Banking sources had told Reuters that the potential sticking point could be over the price, estimated at 750 million pounds plus, and the fact that Cazenove Chairman David Mayhew was 64.
Mayhew is one of the City of London's best-connected deal makers and much of the value of the venerable 180-year old brokerage is tied up with him.