Beeson Gregory, the UK securities firm, has confirmed that it is in exclusive negotiations to buy Old Mutual Securities, the South African-owned broking business, following reports of an imminent sale on eFinancialNews last week.

In an official Regulatory News Service (RNS) statement, Beeson Gregory said that while the two firms were in exclusive talks over an all paper deal, &quotnegotiations are still to be finalised and there can be no assurance that this transaction will proceed&quot. Beeson said that the two companies had signed heads of terms - according to which Old Mutual will take a 25% to 27.5% stake in an enlarged Beeson Gregory - and that it hoped to announce the final terms of the acquisition in April.