Refco buys Cargill Investor Services

Refco will pay $208 million in cash immediately for CIS - a brokerage that offer clients exchange-traded futures and options as well as other securities - plus an additional performance-related payment of between $67 million and $192 million, depending on CIS' results after the merger.

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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