LONDON’S bankers hoped a recent resurgence in merger deals would generate some much-needed good news for their battered industry but instead found Britain’s press seeking out an “insider dealing ring” among them.

UNITED Technologies Corp, the maker of Carrier air conditioners and Otis elevators, is in talks to buy Chubb Plc, the world's third-largest provider of security services, people familiar with the situation said.

CHUBB Plc, the British security company that is in talks to be acquired, may cost more than £1 billion (€1.4bn), limiting potential suitors to private-equity firms and companies as large as Rentokil Initial Plc, analysts say.