Refco buys Cargill Investor Services
New York-based financial services group Refco has agreed to buy Cargill Investor Services (CIS) from its parent, agricultural group Cargill, for up to $400 million.
Phillip Bennett, chief executive of Refco, said: "We have always had the greatest regard for the CIS team and their business model, which is highly complementary to our own."
As part of the takeover deal, Refco has signed an agreement to take over clearing services for Cargill, which are currently provided by CIS.
CIS has 500 employees at its offices in Chicago, Kansas City, London, Minneapolis, New York, Paris and Singapore. As Cargill is a privately owned company, no details of CIS' finances have been released.
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