In early 2003, the company was bought by Collins Stewart plc, a financial services company, creating Collins Stewart Tullett plc. In 1999 the Company merged with Liberty Brokerage to create Tullett Liberty. During the 1970s and 1980s it opened a number of overseas offices and started its own computer graphical analysis company of financial futures, options and FX rates (Futrend Ltd). Further details of the proposed transaction are set out in ICAP’s RNS announcement.The company was founded by Derek Tullett in 1971 as a foreign exchange broker trading as Tullett & Riley. The CMA is also investigating the potential acquisition by ICAP Newco of this stake in Tullett. Commencement of initial period notice (8.4.16)Īs part of the anticipated transaction, ICAP Newco will hold a 19.9% stake in Tullett.Launch of merger inquiryĨ April 2016: The CMA announced the launch of its merger inquiry by notice to the parties. Press release: Broker merger faces an in-depth investigation (7.6.16)ġ1 April 2016: The CMA is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
TULLETT PREBON ICAP FULL
The full text of the decision is available below. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns. News story: CMA considers undertakings in broker merger (21.6.16)ħ June 2016: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. Notice to consider undertakings offered (7.7.16) Directions for monitoring trustee (22.8.16)Ģ1 June 2016: The CMA considers that there are reasonable grounds for believing that the undertakings offered by the parties, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.News story: CMA consults in broker merger (2.8.16)ġ4 July 2016: On 30 June 2016 the CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Tullett Prebon plc and ICAP plc in relation to the anticipated acquisition by Tullett Prebon plc of ICAP plc’s voice and hybrid broking and information businesses.Undertaking in lieu of reference consultation: Now closedĢ August 2016: We are consulting on proposed undertakings in lieu (UIL) of a reference for the anticipated acquisition by Tullett of ICAP’s voice and hybrid broking and information businesses. News story: CMA accepts broker merger undertakings (8.9.16).Tullett Prebon/ICAP final undertakings (15.9.16).Directions for monitoring trustee (19.9.16).
A copy of the undertakings and the decision are available below. Phase 1 Undertakings in lieu of reference acceptedĨ September 2016: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by Tullett of ICAP’s voice and hybrid broking and information business.