ICAP PLC Statement on transaction with Tullett Prebon (3350J)
September 08 2016 - 7:20AM
UK Regulatory
TIDMIAP TIDMTLPR
RNS Number : 3350J
ICAP PLC
08 September 2016
ICAP plc - Statement regarding transaction with Tullett
Prebon
London, 08 September 2016 - ICAP plc (IAP.L), a leading markets
operator and provider of post trade risk mitigation and information
services, notes the statement from the Competition and Markets
Authority ("CMA") today in relation to the sale of ICAP's
London-based voice/hybrid EMEA oil broking business (the "Oil
Broking Business") to INTL FC Stone Ltd.
The CMA's confirmation that it has accepted the undertakings
proposed by ICAP and Tullett Prebon to sell the Oil Broking
Business means that the sale of ICAP's global hybrid voice broking
and information business to Tullett Prebon plc ("Tullett Prebon")
(the "Transaction") will not be referred to an in-depth Phase 2
investigation and has therefore been cleared by the CMA.
Completion of the Transaction remains subject to certain
conditions, including regulatory approvals. ICAP shareholders are
also being asked to vote to confirm their approval of the
associated scheme and certain other steps to facilitate the
Transaction, as described in a supplementary circular published on
17 August 2016, at a Court meeting and a general meeting to be held
on 9 September 2016. ICAP remains focused on obtaining the
necessary approvals and the Transaction remains on track to
complete later this year.
Upon completion of the Transaction, the ICAP Group will trade as
NEX Group plc, a focused electronic and post trade company with a
leading portfolio of financial market infrastructure businesses and
products.
Ends
Contacts
Head of Investor +44 (0) 20 7050
Alex Dee Relations 7420
+44 (0) 7951 057
Rebecca Mitchell/ 351/ +44 (0) 20
Andy Donald Maitland 7379 5151
About ICAP
ICAP is a leading markets operator and provider of post trade
risk mitigation and information services. The Group matches buyers
and sellers in the wholesale markets in interest rates, credit,
commodities, FX, emerging markets and equity derivatives through
voice and electronic networks. Through its post trade risk
mitigation and information services ICAP helps customers manage and
mitigate risks in their portfolios. For more information, go to
www.icap.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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