THE CONSOLIDATION of the securities and money-broking industry took another step forward yesterday with the announcement that Garban and Intercapital are in talks over a merger that would create a brokerage firm worth more than pounds 260m. Sources suggested the two sides are in the early stages of thrashing out an agreed all-share merger after Intercapital's chairman, Michael Spencer, approached his counterpart at Garban, which was spun off from United News & Media last year. An agreement is not expected before Intercapital's full-year figures next Tuesday, expected to show a trading profit before exceptionals of about pounds 17m.
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Garban and Intercapital in talks