PhillipCapital To Buy MF Global Indian Unit
Singapore's privately held PhillipCapital Group said on Wednesday it has agreed to buy a majority stake in defunct broker MF Global's Indian unit, Reuters reported. PhillipCapital, which runs brokerage and asset management business across 13 countries, said it would plan to rename the business Phillip Securities India. No financial terms of the deal were disclosed and the transaction is still subject to regulatory approval. PhillipCapital said it will buy a majority stake in the joint venture between Sify Technologies and MF Global and has also agreed to buy the rest of the bankrupt U.S. broker's Indian operations. MF Global filed for bankruptcy in October after revealing exposure to risky European sovereign debt. Its chief executive Jon Corzine resigned days later. Provisional liquidators reported in November they had received more than 50 offers to buy MF Global's entire Asian operations but difficulties unwinding trading positions meant they failed to reach an agreement on a sale. Read more.