London Stock Exchange Says EU Unlikely to Clear Deutsche Boerse Merger
London Stock Exchange Says EU Unlikely to Clear Deutsche Boerse Merger
London - QNA
London Stock Exchange Group (LES) said its proposed merger with Deutsche Boerse AG is unlikely to be approved by the European Commission.
EU had requested that LSE divest MTS, an electronic trading platform for European government bonds. LSE said it couldn't commit to such a divestment and would not submit a remedy proposal.
"Based on the commission's current position, LSEG believes that the commission is unlikely to provide clearance for the merger," LSE said in a statement.
"The LSEG board remains convinced of the strategic benefits of the merger and recognizes the strong support from shareholders for the transaction," the company said. "LSEG will continue to take steps to seek to implement the merger".
Separately, Deutsche Boerse said, "LSEG has resolved to not commit to the required divestment of LSEG's majority stake in MTS SpA. The parties will await the further assessment by the European Commission and currently expect a decision by the European Commission on the merger of DBAG and LSEG by the end of March 2017.
Source: QNA
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