U.K.'s CMA Okays Tullett Prebon's Acquisition Of ICAP Voice Broking Unit

(RTTNews) - Tullett Prebon plc (TLPR.L) said that the Competition and Markets Authority or the "CMA"has announced that it has accepted the undertakings proposed by ICAP plc (IAPLF.PK, IAPLY.PK, IAP.L) and Tullett Prebon to divest ICAP's London-based EMEA oil desks to INTL FCStone Limited. As a result, the CMA will not refer Tullett Prebon's proposed acquisition of the global hybrid voice broking and information business of ICAP to an in-depth Phase 2 merger investigation and therefore the Transaction has been cleared by the CMA.

Completion of the Transaction remains subject to approval by various regulatory bodies including the FCA and satisfaction of other closing conditions.

Tullett Prebon said it remains confident that the Transaction is on track to close in 2016.

Separately, ICAP noted that its shareholders are also being asked to vote to confirm their approval of the associated scheme and certain other steps to facilitate the Transaction 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.