GFI Sale Talks With BGC Said Stuck on Confidentiality Pact

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GFI Group Inc. and rival brokerage BGC Partners Inc. are mired in a dispute over a confidentiality agreement that is keeping them from starting formal merger talks, people with knowledge of the matter said.

GFI has asked BGC not to recruit key employees for a period of time before talks to discuss BGC’s $675 million takeover offer can begin, the people said, asking not to be identified discussing private information.