Refco's futures trading arm avoided bankruptcy

Man Group said it had bid $282m (�161m) for the unit - which has stayed out of bankruptcy - through its brokerage arm Man Financial.

Approval for the offer will be sought from a US bankruptcy court later on Thursday.

Refco filed for bankruptcy for some of its units last month after its chief executive was charged with fraud.

It is alleged Refco's former chief executive Phillip Bennett hid $430m (�243m) of debts from Refco shareholders before the firm's flotation in August.

However, Refco's futures brokerage business remained out of bankruptcy and continued trading.

Man Group said the deal also included $37m of debt and another $4m in "other considerations".

The firm said the purchase price could fall depending on how many customers leave Refco.

"The transaction... gives us the opportunity to integrate Refco's high quality staff into our existing brokerage business," said Stanley Fink, Man Group chief executive.