ICAP has noted that the sale of its London-based voice/hybrid EMEA oil broking business to INTL FC Stone has been cleared by the Competition and Markets Authority.
A statement says: "The CMA's confirmation that it has accepted the undertakings proposed by ICAP and Tullett Prebon to sell the oil broking business means that the sale of ICAP's global hybrid voice broking and information business to Tullett Prebon plc will not be referred to an in-depth Phase 2 investigation and has therefore been cleared by the CMA.
"Completion of the transaction remains subject to certain conditions, including regulatory approvals. ICAP shareholders are also being asked to vote to confirm their approval of the associated scheme and certain other steps to facilitate the transaction, as described in a supplementary circular published on 17 August 2016, 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."
Upon completion of the transaction, the ICAP Group will trade as NEX Group plc, a focused electronic and post trade company with a leading portfolio of financial market infrastructure businesses and products.
(LON:IAP) ICAP PLC share price was +15.75p at 489.45p
(LON:TLPR) Tullett Prebon PLC share price was +4.15p at 376.75p