Collins Stewart raises £48m to secure Prebon deal

Collins Stewart Tullett, the UK broker and fund manager, has bought Prebon, the interdealer broker, for £70m (€105m) in cash and paper and will raise £48m through a share placing to help pay for the deal.

Lehman Brothers is to underwrite the placing. The company will issue £20m worth of shares to Prebon's owners and pay the rest in cash.

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