INTL FCStone Ltd, a subsidiary of INTL FCStone Inc. (NASDAQ:INTL), a global financial services organization that supports execution and advisory services across commodities, currencies and securities, has inked an agreement to acquire the London-based EMEA oils business of ICAP plc, per a company statement today.
The news follows the decision by the Competition and Markets Authority (CMA) on 2 August 2016 indicating it was satisfied with undertakings from Tullet Prebon and ICAP’s global wholesale broking and information businesses, IGBB, to sell ICAP’s London-based oil desks responsible for providing broking services to customers in Europe, the Middle East and Africa (EMEA) to INTL FCStone Ltd as part of the merger.
This is an excellent opportunity to add an experienced and highly regarded team within the oil broking sector.
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Following the approval of the acquisition, INTL FCStone Ltd is now permitted to secure a key assets and relationships in the commodities space. This includes assimilating a business with over thirty front office employees dealing with fuel, crude, middle distillates, futures, and options desks – the primary focus of the group is the EMEA region.
According to Philip Smith, Chief Executive Officer (CEO) of INTL FCStone Ltd, in a recent statement on the acqusition: “This is an excellent opportunity to add an experienced and highly regarded team within the oil broking sector. This customer-centric business helps complement our already extensive product and service offering out of London, that includes grains and oilseeds, coffee and cocoa, metals, foreign exchange, global payments and fixed income.”