Brazilian stock-exchange and futures-market operator BM&F Bovespa SA reached an agreement to acquire local clearing house Cetip SA, consolidating its leadership position.
This is the third time in six month that BM&F Bovespa has made an offer for its smaller rival Cetip, with the latter’s board of directors shooting down both initial offers.
If successful, a merger between the companies would create a new entity worth close to 40 billion Reals (close to $11 billion USD). The agreement is still pending approval by both companies’ shareholders.
Full content: Wall Street Journal
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