Countrywide in talks with LSL about possible merger

Estate agent Countrywide confirmed on Monday that it is in talks with Marsh & Parsons owner LSL Property Services about a possible all-share merger.

Following a press report over the weekend, the company said in a statement that discussions between the two are ongoing.

"At this stage, there can be no certainty that any offer will ultimately be made for Countrywide," it said.

On Sunday, Sky News reported that the estate agents were in talks about a £500m merger. The discussions were said to be "serious", although it was unclear how close they were to announcing a deal.

At 1025 GMT, Countrywide shares were down 4.5% at 325.00p.