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Matba approves merger with Rofex into Argentine largest futures market

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Matba approves merger with Rofex into Argentine largest futures market

Shareholders of Mercado A Termino De Buenos Aires SA approved a proposed merger with Rofex SA, thus paving the way to becoming a single futures-market operator company in Argentina.

In a press release, Buenos Aires-based agricultural futures and options exchange operator said that 67.55% of shareholders voted in favor of the combination on Dec. 27, 2018. Shareholders of Rosario-based Rofex already voted to move ahead with the deal earlier in December.

The unification, which the company said began two years ago with the interconnection of the trading platforms, is scheduled for May. The merger will create Argentina's largest futures market.

The favorable voting came through despite reported efforts by Bolsas y Mercados Argentinos SA to prevent the merger. The stock market operator had bought nearly $3 million in shares of Matba in a bid to stave off the deal.