The largest European stock exchange: the merger between London and Frankfurt will be on par – Il Sole 24 Ore

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This article was published March 16, 2016 at 08:34 hours.
the last change is the March 16, 2016 at 24:57.

Agreement between the Frankfurt Stock Exchange and the London Stock Exchange for a merger of equals:
Deutsche Boerse announced, in fact, that he had agreed with the London Stock Exchange, which is also part of the Italian Stock Exchange, to go ahead with the merger. “After the approval of the supervisory board of Deutsche Boerse – reads a note – our board has reached an understanding on the implementation of the merger with the London Stock Exchange Group (LSEG) under the banner of a company British. ” The “combined value” of the new company will be 21 billion pounds, equivalent to about 26 billion euro. The both titles after the announcement earn 2 percent on the stock market. Both Duetsche both lse believe that the case, thanks to the possible synergies, involving savings of 450 million euro a year.

“In addition, the management board and the supervisory board of Deutsche Boerse agree to ‘ introducing some measures that serve the implementation of the merger. ” The announcement follows the advances of the Intercontinental Exchange (ICE), which controls the New York Stock Exchange, in respect of the London stock exchange. As already envisaged at the end of February, Deutsche Boerse has announced that the new group will be managed by a “unitary board of the British company composed of an equal members of the Board of Directors of LSEG and Deutsche Boerse.” The chairman of the LSE, Donald Brydon, will be chairman of the new company, the CEO of Deutsche Boerse, Carsten Kengeter, will assume the role of CEO and executive director after the merger, while the current at the LSE, Xavier Rolet, will leave the group.

The merger plan provides for the contribution to the shareholders of the LSE of 0.4421 shares of the new entity UK TopCo each LSE share held. To the shareholders of Deutsche Börse will offer action instead of the new entity each share held. In the statement released this morning, it is stated that the success is conditioned, among other things, accession to the public offer of exchange by at least 75% of Deutsche Boerse capital and approval by the of LSE shareholders. The shareholders of the London Stock Exchange, reports Bloomberg, will have approximately 45.6% of the new group while those of Deutsche Borse approximately 54.4%. The new company will retain its offices in London and Frankfurt.

The risk “Brexit», ie the possibility of an outflow of London by the European Union as a result of the referendum scheduled in Britain 23 June, would not change anything in terms of the merger, they explained the CEO of the two groups, Xavier Rolet Carsten Kengeter for LSE and Deutsche Boerse. The two top executives have not ruled out the possibility, however, if you were to really get to a “Brexit” of regulatory changes. For the conditions applied to the merger is not the possibility of a further post-Brexit negotiation.

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