Cazenove link in doubt
Cazenove, the blue-chip stockbroker, did not become involved in the bid - it had conflict of interests as it was broker to both companies.
But a conflict still remains despite the failure of the takeover attempt, since Enterprise picked up a near-10 per cent stake in Lasmo during the final stages of the bid which closed on Friday.
Cazenove's decision will be anxiously watched. There are also rumours that Enterprise may drop most, if not all, of its team of bid advisers.
Institutional shareholders were furious about the company's purchase last week of most of its Lasmo shares from PDFM, the fund manager, at 169p each against a stock market price of 148p.
Enterprise's advisers were S G Warburg, James Capel, Lehman Brothers and Robert Fleming.
Warburg, the merchant bank, and Capel, the stockbroker, may take the brunt of the City's backlash against the handling of the bid and purchase of shares.
A spokesman for Enterprise said yesterday that he had heard of no reason why Capel should resign as brokers over the share raid, which left some institutions complaining that they were not given an opportunity to sell.
There are signs, though, that Enterprise is unhappy about the advice given by Warburg.
A member of the losing side, quoted in yesterday's Independent on Sunday, said: 'The bid failed because one adviser dominated the entire campaign. The structure of the offer was entirely Warburg's creation, and they were also behind the presentation of Enterprise's arguments for the bid.'
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
World news in pictures
You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
David Cameron goes to war with press over 'swivel-eyed loons' slur
Revealed: Eerie new images show forgotten French apartment that was abandoned at the outbreak of World War II and left untouched for 70 years
- 1 Heading for America? Prepare for the longest US immigration queues ever
- 2 Boxing: Carl Froch slams fellow Brits for sparring with Mikkel Kessler
- 3 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 4 David Cameron goes to war with press over 'swivel-eyed loons' slur
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...