Tullett and ICAP broking merger faces investigation

The UK's Competition and Market Authority (CMA) is considering the proposed undertakings offered by Tullett Prebon and ICAP in its investigation into the broking merger between the companies. By mid-August, the regulator will have to decide whether to accept the undertakings or move towards a phase 2 investigation concerning the sale of ICAP's London-based oil desks.

BRIEF-UK's CMA says ICAP offers to sell business to get regulator nod for Tullet deal

June 21 (Reuters) - Competition and Markets Authority(CMA):

* Companies have offered to sell ICAP's London-based oil desks (with key staff)

* CMA will consider in detail undertakings offered by Tullett and ICAP instead of referring their merger for in-depth investigation.

* CMA will now consider whether to accept proposed undertakings and will open a public consultation

* If CMA does not accept undertakings, it will refer merger for a phase 2 investigation