Charles Stanley is in exclusive talks to sell its securities business to stockbroker Panmure Gordon, putting an end to rumours US firm Stifel Financial was the likeliest buyer.
In a stock exchange announcement, Charles Stanley said it had entered in to talks with Panmure Gordon about a planned disposal. The firm said: "The company has entered into an exclusive heads of terms agreement with Panmure Gordon in relation to the disposal of Charles Stanley Securities Division (CSS). At this stage, no assurance can be given that the planned disposal will proceed." Panmure Gordon expects the transaction to complete by the end of May, it said in a statement: "On 6 May 2015, the Board announced that Panmure Gordon had agreed non-binding heads of terms to acquire Ch...
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