{"id":71552,"date":"2016-06-21T16:31:08","date_gmt":"2016-06-21T16:31:08","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=d9325380e442d5f1c75e3bf53a260d93"},"modified":"2016-06-21T16:31:08","modified_gmt":"2016-06-21T16:31:08","slug":"news-story-cma-considers-undertakings-in-broker-merger","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=71552","title":{"rendered":"News story: CMA considers undertakings in broker merger"},"content":{"rendered":"<div class=\"govspeak\">\n<p>Earlier this month, the Competition and Markets Authority (<abbr title=\"Competition and Markets Authority\">CMA<\/abbr>) said that <abbr title=\"Tullett Prebon plc\">Tullett<\/abbr> Prebon plc\u2019s (<abbr title=\"Tullett Prebon plc\">Tullett<\/abbr>) <a href=\"https:\/\/www.gov.uk\/cma-cases\/tullett-prebon-icap-merger-inquiry\">anticipated acquisition<\/a> of <abbr title=\"ICAP plc\">ICAP<\/abbr> plc\u2019s (<abbr title=\"ICAP plc\">ICAP<\/abbr>) voice\/hybrid broking business would be <a href=\"https:\/\/www.gov.uk\/government\/news\/broker-merger-faces-an-in-depth-investigation\">referred for an in-depth phase 2 investigation<\/a> &#8211; unless the companies were able to offer undertakings which address the <abbr title=\"Competition and Markets Authority\">CMA<\/abbr>\u2019s competition concerns in relation to broking of oil products.<\/p>\n<p>To address this, the companies have offered to sell <abbr title=\"ICAP plc\">ICAP<\/abbr>\u2019s London-based oil desks (with key staff) responsible for providing broking services to customers based in Europe, the Middle East and Africa to an up-front purchaser(s) approved by the <abbr title=\"Competition and Markets Authority\">CMA<\/abbr>.<\/p>\n<p>The <abbr title=\"Competition and Markets Authority\">CMA<\/abbr> will now consider whether to accept the proposed undertakings and will open a public consultation on whether they &#8211; and any proposed purchaser(s) for the divestment assets &#8211; are sufficient to address the competition concerns. If the <abbr title=\"Competition and Markets Authority\">CMA<\/abbr> does not accept the undertakings, it will refer the merger for a phase 2 investigation.<\/p>\n<p>The <abbr title=\"Competition and Markets Authority\">CMA<\/abbr> now has until 16 August 2016 to decide whether to accept the undertakings, with the possibility to extend this timeframe if it considers that there are special reasons for doing so.<\/p>\n<p><abbr title=\"Tullett Prebon plc\">Tullett<\/abbr> and <abbr title=\"ICAP plc\">ICAP<\/abbr> are leading global interdealer brokers, companies that typically sit between investment banks helping to find buyers and sellers of large securities. <abbr title=\"ICAP plc\">ICAP<\/abbr> is selling its voice\/hybrid broking and information businesses to <abbr title=\"Tullett Prebon plc\">Tullett<\/abbr>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The CMA will consider in detail undertakings offered by Tullett and ICAP instead of referring their merger for an in-depth investigation.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/71552"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=71552"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/71552\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=71552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=71552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=71552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}