Brazil’s antitrust watchdog Cade approved financial bourse BM&FBovespa takeover of rival clearinghouse Cetip Mercados Organizados, and will not require any remedies beyond those the firms proposed themselves.
Three of four CADE board members decided to endorse the $3.9 billion deal, which will involve independent pricing monitoring and platform access to rivals in terms previously proposed by the companies to the agency.
Cristiane Alkmin, the case’s rapporteur, had sought tougher restrictions beyond those the companies agreed to.
Ultimately, the plenary of Cade voted 4-0 to approve the deal, with the self-imposed restrictions. Shares of both companies surged.
In a widely expected move, BM&FBovespa’s takeover of Cetip also received regulatory approval from the securities and exchange industry watchdog CVM on Wednesday, the body said in a statement.
Full Content: Yahoo
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