Predators poised for Panmure

INVESTMENT banking boutique Bridgewell is running its ruler over Panmure, the City stockbroking arm of German bank WestLB.

WestLB has held talks with Panmure's management - led by Tim Linacre and Jeremy Davies - over a buyout. But Bridgewell and other predators, including private client broker Teather & Greenwood, are also circling.

A deal is likely to value Panmure, one of the most venerable names in the City, at more than £50m.

Fast-growing Bridgewell, which is majority owned by staff, believes the two firms' research teams would be a good fit.

Panmure is strong on brewing, transport and technology, while Bridgewell has made a name in property and financial sector research.

Bridgewell chief executive Ian Dighe said: 'We look at all opportunities to accelerate the growth of our business. We have always admired Panmure's people and its franchise.'

WestLB is under pressure to cut costs following huge losses at its London principal finance group, led by Robin Saunders.

Its bosses want to reduce the bank's exposure to risky overseas business. They plan to focus on its core activities of serving savings banks and small and medium businesses in its German heartland.

The bank said on Wednesday that it is cutting a further 900 jobs, mainly through outsourcing IT work, on top of 900 already announced. It also hopes to sell its 31% stake in travel firm TUI.