29th Nov 2016 13:55
LONDON (Alliance News) - Interdealer broker Tullett Prebon PLC has received German regulatory approval for its acquisition of the hybrid voice broking and information arm of rival ICAP PLC, the Financial Times reported.
The FT, citing three people familiar with the process, said German regulators signed off on the deal on Thursday last week, the final significant hurdle for the pair in the more than 30 regulatory approvals needed to get the deal passed. Further approvals are still needed in jurisdictions including Brazil and the Philippines, the newspaper said.
ICAP has earmarked Frankfurt as an alternative base in the event of a so-called 'hard Brexit' by the UK when its leaves the European Union, the sources told the FT.
https://www.ft.com/content/dfb239c8-b244-11e6-9c37-5787335499a0
By Sam Unsted; [email protected]; @SamUAtAlliance
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