David Mayhew, the chairman of Cazenove, the UK stockbroking firm, has stonewalled investors over suggestions he is close to selling it to a US bank.

Speaking at the firm's annual general meeting, Mayhew refused to acknowledge that Cazenove is in detailed talks with JP Morgan Chase regarding a joint venture, or that it has also received a bid approach from Lehman Brothers.

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Mayhew tight-lipped over Cazenove talks

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