Man completes Refco Canada takeover

In November 2005, Man agreed to buy Refco LLC, the regulated broking arm of the bankrupt financial services group Refco Inc., for $282 million cash. The business includes branches in Asia, Canada, the US and the UK.

Refco Canada will be renamed Man Financial Canada, and chairman and chief executive Pierre Gloutney will remain as chairman.

Refco filed for bankruptcy after its chief executive, Phillip Bennett, was arrested for fraud in October last year.

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