CME Group Reduces Its Stake In Brazil's BM&FBovespa
October 07 2016 - 8:35AM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--CME Group Inc. reduced its stake in Brazil
stock-exchange and futures-market operator BM&FBovespa SA
(BVMF3.BR), to 2.4% from 4%, the Brazilian exchange operator said
in a statement.
CME sold a total of 28 million shares of BM&FBovespa SA, for
an undisclosed amount. Based on BM&FBovespa's share price on
Thursday, it totaled 490 million reais ($150 million).
BM&FBovespa's share closed at 17.50 reais on Thursday's
session.
"This sale does not change the terms of the strategic
partnership between BM&FBovespa and CME Group and the two
companies will continue to work together on developing and cross
listing products on their respective exchanges, as well as on
technological cooperation," the Brazilian company said.
Under the terms of the strategic agreement between the two
companies, signed in 2008, CME Group will continue to appoint a
member to the board of directors of BM&FBovespa as long as CME
Group's equity investment is at least 2% of the outstanding shares
issued by the Brazilian company.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
October 07, 2016 08:20 ET (12:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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