ICAP to buy majority stake in Tullett Prebon- Evening Standard

Nov 6 (Reuters) - ICAP Plc (LSE: IAP.L - news) is to buy a majority stake in rival interdealer broker Tullett Prebon Plc (LSE: TLPR.L - news) the Evening Standard reported citing sources.

Evening Standard said the two companies had been in talks for some time and a deal could be announced as soon as next week. (9http://bit.ly/1S1yV8T0)

The newspaper reported that ICAP's much larger electronic broking business would remain separate, while its more traditional broking business would be merged with Tullett, with ICAP being the majority owner.

ICAP declined to comment when contacted by Reuters. Tullett Prebon also declined to comment.

Tullett's shares had their biggest one-day drop since May 2010 on Friday after saying it expected a fall in full-year profit margins and announced job cuts.

They were down 0.973 percent at 325.6 pence by 1001 GMT. (Reporting by Noor Zainab Hussain in Bengaluru. Editing by Jane Merriman)