ICAP PLC Statement on Transaction with Tullett Prebon (8858B)
June 21 2016 - 1:34PM
UK Regulatory
TIDMIAP
RNS Number : 8858B
ICAP PLC
21 June 2016
ICAP plc - Statement Regarding Transaction with Tullett
Prebon
London, 21 June 2016 - ICAP plc (IAP.L), a leading markets
operator and provider of post trade risk and information services,
notes the statement from the Competition and Markets Authority
("CMA") announcing that it will consider the proposed remedy of a
sale of ICAP's voice/hybrid EMEA oil broking business in order to
address the concerns raised by CMA with respect to the disposal of
ICAP's global hybrid voice broking and information business to
Tullett Prebon plc ("Tullett Prebon") (the "Transaction").
ICAP and Tullett Prebon are working together to achieve the sale
of the voice/hybrid EMEA oil broking business within the
appropriate timeframe. Together with Tullett Prebon, ICAP remains
focused on the process of obtaining the necessary remaining
regulatory and competition approvals in order to complete the
Transaction. The proposed Transaction remains on track to complete
later this year.
ICAP no longer intends to retain a 19.9% interest in TP ICAP plc
after completion of the Transaction and has agreed with Tullett
Prebon that, subject to the requisite approvals (including the
approval of ICAP shareholders), these shares will be issued
directly to ICAP shareholders such that they will hold
approximately 56% of TP ICAP's enlarged share capital on
completion. A revised circular will be sent to ICAP shareholders in
due course.
Upon completion the ICAP Group will begin to trade as NEX Group
plc, a focused electronic and post trade group with a leading
portfolio of financial market infrastructure businesses and
products.
Except as set out above, there has been no significant change
affecting any matter contained in the announcement of the
Transaction on 11 November 2015 and no other significant new matter
has arisen which would have been required to be included in the
announcement if it had arisen at the time of the preparation of
that announcement.
- ENDS -
Contacts:
+44 (0) 20 7050
Serra Balls Group Head of Communications 7103
Head of Investor +44 (0) 20 7050
Alex Dee Relations 7123
Neil Bennett/ Andy +44 (0) 20 7379
Donald Maitland 5151
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCAKDDNOBKDDAB
(END) Dow Jones Newswires
June 21, 2016 13:34 ET (17:34 GMT)
ICAP (LSE:IAP)
Historical Stock Chart
From Jun 2024 to Jul 2024
ICAP (LSE:IAP)
Historical Stock Chart
From Jul 2023 to Jul 2024