UPC, the Dutch cables company, Goldman Sachs and Morgan Stanley Dean Witter are likely to be relieved after the decision last week to pull the IPO of Chello Broadband, the internet subsidiary of UPC, for the second time due to regulatory reasons.

Senior bankers in London say that demand for Chello had been weak, and that the regulatory issue of access to cable networks provided a perfect excuse to pull the deal and avoid the embarrassment of cutting the deal back or watching it fall in the aftermarket.