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Tullett Prebon in bid talks

Shares in derivatives broker Tullett Prebon leapt ahead as it confirmed it has been approached over a possible offer for the company.

Reports this morning suggested US rival GFI, Aussie bank Macquarie and Bank of China are all looking at the inter-dealer broker.

GFI and Tullett held merger talks in 2008 while Macquarie was said to be interested before the credit crunch intervened. A report in today's Daily Mail said Tullett's chief executive Terry Smith might now be willing to sell his 4.3% stake for the right price.

Earlier this week, Tullett revealed underlying profits in 2009 rose to £157m from £155.4m. Operating profit of £170.8m was £4.3m lower than for 2008, reflecting a reduction in operating margin and the fixed cost nature of the business, it said.

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