Bags, London (and Milan) deal with a maxi-merger with Frankfurt – Il Sole 24 Ore

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This article was published on February 23, 2016 at 15:15 hours.
the last change is the 23 February 2016 at 16:13.

FRANKFURT – the London Stock Exchange and the Frankfurt confirmed in the afternoon that started talks a ‘merger of equals’ to create a European market, which would also become one of the largest in the world.

of the London Stock Exchange, which has a more than century-old history, are part since 2007 also Italian Stock Exchange including Monte Titoli, the post-trading companies, and MTS, the largest European market for government bonds, created in Italy.

At the confirmation of the news, which was first reported by Reuters, the title of the LSE it jumped by 17% and that of Deutsche Boerse 7 percent. It is not the first time that there are approaches between the two most important European markets, which include, in addition to the stock exchanges, including those derivatives. In 2004 Deutsche Boerse made an attempt to buy the London Stock Exchange, which was rejected. Subsequently, the LSE was the subject also a takeover attempt by American Nsdaq.
When completed, shareholders of Deutsche Boerse should hold approximately 54% of the group’s capital to be released from the fusion: the shareholders LSE will receive 0.4421 new shares for each one owned, while Deutsche Boerse will receive one share for each one owned. All activities of the two markets will continue to operate with their respective brands.

According to a statement issued by the two groups, strategies, products, services and geographical areas are complementary. The merger would create a company able to compete with markets like CME Group of Chicago and the Intercontinental Exchange, as well as the Hong Kong Exchanges and Clearing, the world’s largest group in the sector. In recent years, the new rules (such as the Dodd-Frank in the US and Basel 3 globally) have favored the centralization of trade on regulated markets.

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