14th May 2020 16:32
(Alliance News) - WH Ireland Group PLC on Thursday said it will not proceed with talks regarding the possible acquisition of parts of rival Cantor Fitzgerald Europe.
The city stockbroker and wealth manager noted that its Corporate & Institutional Broking division has continued to progress in winning new corporate clients, adding that it remains open to any further potential acquisition opportunities.
"We would like to thank the Cantor team for working with us on this potential transaction, and whilst we are not progressing on a formal basis, we acknowledge the positive relationships we have built with both the team and the corporate clients and we hope to further develop these going forward," said Chief Executive Phillip Wale.
In April, WH Ireland confirmed talks to acquire parts of the US-based broker's Mid Cap and AIM Corporate Finance business after Bloomberg News reported that Cantor was planning to cut hundreds of jobs across divisions due to the Covid-19 pandemic.
Shares in WH Ireland closed untraded on Thursday in London, last quoted at 41.25 pence each.
By Ife Taiwo; [email protected]
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