INTL FCStone Buys Metals Division From MF Global

NEW YORK (AP) â¿¿ Commodity risk management firm and securities broker INTL FCStone Inc. said Friday that its European subsidiary has agreed to buy the metals division of MF Global UK Ltd.

The division has more than 50 people based in London, New York, Hong Kong and Sydney.

The head of the division, Fred Demler, will run the company's global metals London Metal Exchange futures and derivatives business.

Terms of the deal were not disclosed.

MF Global collapsed after making a disastrous bet on European debt. It filed for U.S. bankruptcy protection on Oct. 31.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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