CMA accepts broker merger undertakings
The CMA has accepted undertakings from Tullett Prebon and will not refer its merger with IGBB for an in-depth investigation.
Tullett Prebon plc and ICAP plc are leading global interdealer brokers, companies that sit between investment banks helping to find buyers and sellers of large securities. Tullett Prebon has agreed to acquire ICAP’s global wholesale broking and information businesses (IGBB).
On 2 August 2016 the Competition and Markets Authority (CMA) indicated that it was satisfied with undertakings from the companies to sell ICAP’s London-based oil desks responsible for providing broking services to customers in Europe, the Middle East and Africa to an up-front buyer, INTL FCStone Ltd. The CMA invited views from interested parties by 16 August.
The CMA received no submissions during the consultation period and remains satisfied that the proposed remedy will address the concerns identified. The CMA has therefore decided that the anticipated merger will not be referred for an in-depth phase 2 investigation.
All information relating to this investigation can be found on the case page.