April 7, 2016 / 9:17 PM / 2 years ago

Brazil's BM&FBovespa sells 4 pct stake in CME, exits U.S. bourse

SAO PAULO, April 7 (Reuters) - BM&FBovespa SA, Latin America’s largest financial exchange operator, has sold the 4 percent stake it owned in U.S. rival CME Group Inc , the Brazilian company said on Thursday, ending a partnership that lasted almost a decade.

In a securities filing, São Paulo-based BM&FBovespa said the decision stemmed from a need to finance the planned acquisition of Cetip SA Mercados Organizados, Latin America’s largest securities clearinghouse. According to the filing, BM&FBovespa sold 13.6 million Class A common shares in CME, which in turn reiterated its plan to keep a 4 percent stake in BM&FBovespa. (Reporting by Guillermo Parra-Bernal; Editing by Richard Chang)

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