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CMA says it accepts in principle steps taken in ICAP-Tullett deal

Reuters

(Reuters) - Britain's competition watchdog Competition and Markets Authority (CMA) has accepted in principle merger undertakings between Tullett Prebon Plc and ICAP Plc.

The CMA said on Tuesday that it has not taken a final decision on the Tullett and ICAP deal. (http://bit.ly/2b0iU4T)

ICAP said in June that it had offered to sell its London-based oil desks to help address competition concerns over the merger of its global hybrid voice broking business with Tullett Prebon Plc.

The companies last year agreed to the 1.11 billion pounds deal in a sector where trading volumes have shrunk due to regulation designed to rein in the riskier trading activities of their traditional investment bank clients.

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The U.S. Department of Justice in July had also given its approval to the proposed restructuring of Tullett Prebon's acquisition of ICAP's voice-broking business.

ICAP and Tullett Prebon declined to comment on the decision.

(Reporting by Parikshit Mishra; Editing by Ruth Pitchford)