A London-based commodities broker controlled by a group of former Lehman Brothers executives will this week clinch a takeover of a major industry peer.
Sky News has learnt that Marex Group will announce on Monday that it has reached an agreement to buy ED&F Man Capital Markets from ED&F Man Holdings.The transaction will be an important one for Marex, which had been drawing up plans to float on the London Stock Exchange last year but aborted the move owing to difficult market conditions.Advertisement
Absorbing ED&F Man Capital Markets will bolster Marex by extending its operations in the US, as well as in the Middle East and Asia. Combining the businesses will also cement Marex's clearing activities and add to its metals franchise, as well as its fixed-income and equities operations.