It emerged yesterday that executives discussed a potential merger last month but concluded last week that a deal was not viable.

The broker said that it was floating the idea to keep shareholders 'more fully appraised of the key merits, complexities and risks of such a potential merger'.

This appointment may silence rumors that the position was left open as a potential merger negotiation item.

This idea was given-up early 2011, as the two parties could not find an agreement on the details of such a potential merger.

The two cities talked about a potential merger for years, beginning in the late 1970s.