UK competition authority challenges raises speculation of spin off of oil unit
The proposed sale of Icap’s voice broking
business to Tullett Prebon will lead to a "substantial
lessening of competition" in the oil broking market, the UK
competition authority has ruled.
The Competition and Markets Authority has said that it will
refer the deal to a further investigation unless Tullett and
Icap are able to offer undertakings which address the
CMA’s competition concerns.
The sale of Icap’s voice broking division to
Tullett was approved by shareholders in March after years of
talks between the two inter-dealer brokers.
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