Listed broker THB Group said this week that discussions to acquire PWS were ongoing, despite the deal failing to conclude by the end of 2007 as originally anticipated.

In a stock exchange announcement, THB said it was in advanced discussions for the acquisition of the Lloyd’s broking business of PWS International and overseas interests of the PWS group.

It said acquisition terms were still being negotiated and due diligence was continuing.

But it stressed that there was no guarantee that any acquisition would take place.

In November, THB revealed that negotiations had commenced with the board of PWS Holdings.

At the time it said that the two companies were hopeful that terms could be agreed that would result in a transaction being concluded before 31 December 2007.

If completed, the acquisition would expand THB’s international presence and give it entry to the reinsurance sector.

A THB spokesman said: “We said in November that we were hopeful we would be able to conclude matters by the end of the year, but due diligence and related activity are still ongoing and we needed to appraise the market of the situation.”