5th Aug 2014 05:34
LONDON (Alliance News) - The Weir Group PLC has dropped Bank of America Merrill Lynch as its corporate broker, blaming an "undisclosed conflict of interest" after the bank was appointed corporate broker by a rival.
Press reports said Weir rival IMI PLC had appointed Bank of America Merrill Lynch as its corporate broker. The two companies could potentially look at the same acquisition targets, meaning the broker would be conflicted.
In a statement, Weir said it is retaining Swiss bank UBS as its corporate broker.
By Steve McGrath; [email protected]; @stevemcgrath1
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