Tullett and GFI tie-up plan is over

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The failure of the deal leaves City grandee Michael Spencer still king of the multibillion-dollar IDB market.

A successful tie-up between Smith and his Essex-born rival Mickey Gooch could well have challenged Spencer's Icap as the world's number one broker to the brokers.

But overnight GFI and Tullett declared the talks dead after they failed to agree a price for the New York firm.

GFI said "the two companies failed to reach acceptable economic terms for a transaction".

Tullett said it had been "unable to reach agreement with GFI on satisfactory terms".

GFI shares lost 17% of their value in after-hours trading in New York.