In back-and-forth takeover talks involving Carillion and Balfour Beatty, stockbroker Oriel Securities has found itself alongside and up against the giants of UK investment banking.

The construction groups have been engaged in discussions over a potential tie-up since May 27, with those talks outed on July 24. In the latest exchange, Balfour has outlined the proposals it had received and its reasons for rejecting them, while Carillion has said it will give further consideration to its position.