News: Deals: Reports

Bolsa de Valores de Sao Paulo {Bovespa} & Bolsa Brasileira de Mercadorias{BM&F}	Update Date: 07/22/08
Date Announced: 02/20/08
Value (million $USD): 10.31 billion U.S. Dollar 17.88 billion Brazilian Real

Status: Pending

TRANSACTION DETAILS
Date Announced	02/20/08
Date Originally Announced	02/20/08
Format	Merger	Acquisition techniques	Reverse Takeover; Stock Swap
Attitude	Friendly	Agency	Unspecified Regulatory Auth.; CADE (Brazil Anti-trust Auth)
Value	10.31 billion U.S. Dollar 17.88 billion Brazilian Real	Advisor Fees	n/a

SYNOPSIS

BRAZIL - Bolsa Brasileira de Mercadorias {BM&F} agreed to merge with Bolsa de Valores de Sao Paulo {Bovespa}, a futures and mercantile exchange company, for 17.875 bil Brazilian reais ($10.309 bil US). The consideration was to consist of R$1.7153($.9892) in cash and 1.424802 BM&F common shares per Bovespa shares. Based on BM&F's closing stock price of 16.52 reais ($9.52) on March 26, the last full trading day prior to the announcement, each Bovespa share was valued 25.25 reais ($14.56). The transaction was subject to regulatory and shareholders' approvals.

TARGET
Name	Bolsa de Valores de Sao Paulo {Bovespa}
Industries	n/a
City	Sao Paulo
State	n/a
Nation	Brazil
Incorporated in	n/a
Public Status	Subsidiary
Business Description	Bolsa de Valores de Sao Paulo {Bovespa} is a futures and mercantile exchange company, headquartered in Sao Paulo. It is responsible for trading on the equity and fixed income cash and derivatives markets, listing and commercialization of market information.
Advisors	Credit Suisse Group; Goldman Sachs & Co; Banco Bradesco SA
Target Sales	n/a

ACQUIROR
Name	Bolsa Brasileira de Mercadorias{BM&F} (BOVESPA : BMEF3)
Industries	n/a
City	Sao Paulo
State	n/a
Nation	Brazil
Incorporated in	n/a
Public Status	Public
Business Description	Bolsa Brasileira de Mercadorias {BBM} is a futures and mercantile exchange company, headquartered in Sao Paolo. The company offers derivatives trading and risk management facility through its derivatives, foreign exchange and asset clearinghouses.
Advisors	Rothschild; Citi; JP Morgan & Co Inc
Acquiror Sales	94.7 million U.S. Dollar 168.8 million Brazilian Real

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