Why didn’t they fly in Breuer?

Why did NatWest refuse Deutsche Morgan Grenfell’s offer of £150 million ($248 million) for the equity operations of NatWest Markets?

According to insiders at NatWest Markets, Deutsche’s negotiating team, led by head of equities Mike Philipp (who initially came to Deutsche as global head of sales in fixed income), were so confident of their ability to secure the deal that they refused to get Rolf Breuer (speaker of Deutsche Bank) involved, and gave almost no indication of how the two banks’ operations would work together in future.