BM&FBovespa expects accounting loss in Q2 from CME deal
BRASILIA, April 8 (Reuters) - BM&FBovespa SA expects an accounting loss of about 470 million reais ($127.81 million) on its sale of a four percent stake in larger peer CME Group Inc, Latin America's largest financial exchange operator said.
São Paulo-based BM&FBovespa announced the sale of 13.6 million Class A common shares in CME on Thursday, fetching at least $1.254 billion as it raises funds to buy a Brazilian rival.
Reuters reported on Wednesday, citing a source, that Cetip SA Mercados Organizados CTIP3.SA had agreed on terms of a revamped, unsolicited offer from BM&FBovespa.
A takeover would make BM&FBovespa the dominant exchange in Brazil, controlling depositary and clearing activities for all types of financial assets and providing investors with proprietary market data.
Cetip is Latin America's largest depositary of financial securities with a vast over-the-counter, fixed-income derivatives operation.
($1 = 3.6773 Brazilian reais) (Reporting by Silvio Cascione; editing by Jason Neely)
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