The Financial Services Authority is investigating how market sensitive information was leaked during four recent takeovers in London, reports the Daily Telegraph .
The FSA said it is holding "detailed discussions" with companies and their bankers, lawyers and PR firms in relation to a "small number of deals where there was a leak of information". The investigation is being conducted with The Takeover Panel and comes after an FSA study in March revealed insider trading may have taken place in about a third of takeover announcements in 2004. The paper reports the City watchdog as saying: "We will meet specific 'deal teams' to go through the chronology of deals, undertaking a high level study of IT systems and security and reviewing hard-copy filin...
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