Icap also said it no longer intends to retain a 19.9% stake in TP Icap
Interdealer-broker Icap said it is willing
to sell its EMEA oil broking business and no longer intends to
retain a 19.9% stake in TP Icap to avoid an in-depth
investigation by British competition authorities.
Icap and Tullett Prebon said they are
working on selling the Icap voice EMEA oil broking business
after the Competition and Markets Authority (CMA) said earlier
this month the proposed sale of Icap’s voice
broking business to Tullett would lead to a "substantial lessening of competition" in
the oil broking market.
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