INTL FCStone in Negotiations to Acquire TRX Futures Limited
NEW YORK, Dec. 19, 2011 (GLOBE NEWSWIRE) -- INTL FCStone Inc. (Nasdaq:INTL) today announced that its United Kingdom subsidiary, INTL Holding (UK) Limited, has entered into a memorandum of understanding with Neumann Gruppe GmbH to acquire its subsidiary TRX Futures Limited ("TRX"), subject to contract and to the approval of the Financial Services Authority in the United Kingdom. INTL Holding (UK) Limited is also the UK holding company of INTL FCStone (Europe) Limited, a member of the London Metal Exchange and London Clearing House.
TRX is a London-based niche clearing firm for commercial coffee and cocoa customers, as well as energy and financial products. It is a member of NYSE Liffe and ICE Futures UK. TRX's clients and employees will benefit from INTL FCStone's infrastructure, commodities expertise and comprehensive array of exchange traded and over-the-counter products. TRX's competence and long-term relationships with commercial clients will complement INTL FCStone's existing operations.
Neumann Gruppe's physical coffee trading and service business will continue to clear its futures contracts through TRX after completion of the transaction.
Philip Smith, Chief Executive of INTL Holding (UK) Limited, said, "This is an exciting opportunity to expand our soft commodities capabilities globally. TRX are a highly regarded presence in this sector, and we look forward to building upon their success as part of our group."
David Neumann, Speaker of the Board of Management of Neumann Gruppe, said "We are convinced that this is an excellent way forward and will allow both companies to further develop their respective successful business models."
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 20,000 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