Refco To Acquire Global Operations Of Cargill Investor Services Purchase to Enhance Client Access to Exchange-Traded Derivatives, Related Markets NEW YORK, JUNE 22, 2005 - REFCO Group Ltd., LLC, (REFCO) a leading provider of execution and clearing services for exchange-traded derivatives and one of the world's largest independent derivative brokers, announced today that it has entered into a definitive agreement to acquire the global brokerage operations of Cargill Investor Services (CIS) for $208 million in cash and future contingent cash payments of between $67 million and $192 million, based on performance of the acquired operations. The transaction will enable REFCO and CIS to consolidate strategies that focus on providing global clients with non-conflicted access to exchange-traded derivative and related brokerage markets. "We are delighted by the agreement REFCO has reached with Cargill Investor Services," said Phillip Bennett, President and Chief Executive Officer of REFCO. "We have always had the greatest regard for the CIS team and their business model, which is highly complementary to our own. The combined operations of REFCO and CIS will provide our clients with enhanced capabilities in markets that are of increasing importance globally. We are particularly proud to now include Cargill among our major clients." "Moving the CIS business to REFCO fits well with REFCO's intent to expand its business and represents the best opportunity for CIS to continue its long-term growth and development," said Warren Staley, Chairman and Chief Executive Officer of Cargill. "We know that our customers will be well served because REFCO's commitment to client service is consistent with the level of service that our customers have come to know and expect from CIS as a Cargill company. As further illustration of our confidence in REFCO, Cargill has entered into a long-term agreement to have them provide clearing services to Cargill businesses that currently use CIS." The transaction is expected to close in one to two months, subject to Hart-Scott-Rodino and other regulatory clearances. The transaction is also subject to contractual closing conditions. - About Cargill Investor Services (CIS) www.cis.cargill.com CIS is a wholly-owned but separately managed subsidiary of Cargill, Incorporated, an international provider of food, agricultural and risk management products and services. With 105,000 employees in 59 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed. - About REFCO Group Ltd, LLC www.refco.com REFCO Group Ltd., LLC is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. REFCO's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, REFCO is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. REFCO is one of the largest global clearing firms for derivatives.
Yep. I don't think that you would see REFCO able to buy out the MacMillan Family Fortune and CARGILL. Cargill had $56 billion in sales alone back in 1996. And I believe that Forbes has the MacMillan Family listed at over $10 billion in worth. James and Margaret Cargill earn $1.5 BILLION per year, while the six members of the MacMillan family earn $975 million annually! http://www.aftonpress.com/Reviews/MacMillan.htm http://www.geocities.com/CapitolHill/5202/carinc.html ( family tree )
Refco Group Ltd., LLC Completes Acquisition of Global Brokerage Operations of Cargill Investor Services ("CIS") www.cargill.com/news/news_releases/050901_refco.htm www.cis.cargill.com (alias http://cis.refco.com )
15 years ago the co was valued at >$40b, and then the largest private co in the US. I believe Fidelity surpassed Cargill.