INTL FCStone Inc. (Nasdaq:INTL), today announced that INTL FCStone (Europe) Limited, its wholly owned subsidiary in the United Kingdom, has agreed to acquire the Metals Division of MF Global UK Limited (in special administration). As part of this transaction, INTL FCStone (Europe) has received approval from the London Metal Exchange ("LME") to upgrade its LME Category Two membership to LME Category One ring dealing membership.
The Metals Division, headed by Fred Demler, has more than 50 professional staff based in London, New York, Hong Kong and Sydney, and has long-standing client relationships throughout the world. The Metals Division is a leading LME ring dealing member providing execution and clearing of LME products and OTC products to assist commercial customers in hedging their price risk in metals markets. The Metals Division also serves institutional investors and financial services firms in the Americas, Europe, and the Asia-Pacific region. Demler will assume leadership of INTL FCStone's global metals LME futures and derivatives business.
Sean O'Connor, CEO of INTL FCStone, commented, "Fred and his metals team add a well-recognized and leading LME franchise with deep and diverse global relationships to our growing and profitable company. Our existing significant physical metals, structured OTC products and corporate finance advisory services combined with the LME capabilities and relationships should create a unique metals franchise. With our unwavering focus on customers, our broad capabilities and our expertise in all commodity verticals, we will now be in a better position than ever before to offer significant value to our global customer base."
"We are all very excited about the acquisition of our global metals team and see INTL FCStone as having a clear focus on serving customers, especially mid-market commercial entities where we have a great footprint globally," added Demler. "INTL FCStone has a strong presence across all the other commodity markets and we believe we can become a leading franchise for them in the broader metals markets. We anticipate a quick transition, which will allow us to continue serving our clients' needs with minimal disruption."
About INTL FCStone Inc.
INTL FCStone Inc. provides execution and advisory services in commodities, currencies and international securities. INTL FCStone's businesses, which include the commodities advisory and transaction execution firm FCStone Group, serve more than 10,000 commercial customers through a network of offices around the world. Further information on INTL FCStone Inc. is available at www.intlfcstone.com.
Forward Looking Statements
This press release includes forward-looking statements including statements regarding the combined company. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words "believe," "expect," "anticipate," "should," "plan," "will," "may," "could," "intend," "estimate," "predict," "potential," "continue" or the negative of these terms and similar expressions, as they relate to INTL FCStone Inc., are intended to identify forward-looking statements.
These forward-looking statements are based largely on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the combined company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by INTL FCStone Inc. with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.
These forward-looking statements speak only as of the date of this press release. INTL FCStone Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.
CONTACT: INTL FCStone Inc.
Bill Dunaway
866-522-7188
bdunaway@intlassets.com