Reuters logo
Deutsche Boerse says shareholder acceptances for LSE merger above 75 percent
August 10, 2016 / 4:23 PM / a year ago

Deutsche Boerse says shareholder acceptances for LSE merger above 75 percent

People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo - RTSHC1D

FRANKFURT (Reuters) - Deutsche Boerse (DB1Gn.DE) said on Wednesday that more than 75 percent of its shares have been tendered for its agreed $29 billion (£22.21 billion) merger with the London Stock Exchange Group (LSE.L).

Deutsche Boerse Chief Financial Officer Gregor Pottmeyer said passing the 75 percent mark was a strong vote of confidence in the deal.

“We will now concentrate on obtaining the approval of the regulatory authorities,” Pottmeyer said in a statement.

Other shareholders, especially funds, are now expected to accept the offer to exchange their stock for shares in the merged holding company during an additional acceptance period that runs until 2200 GMT on Friday.

The 75 percent acceptance level also opens the way for the holding company to establish a control and profit transfer agreement if it chooses to do so.

Final tender acceptance results are due to be published on Aug. 17, the exchange operator said. The deal has already been approved by both LSE and Deutsche Boerse shareholders.

Deutsche Boerse and the LSE are expected to formally submit the merger for approval by the European Commission as the competition regulator later this month and the deal also requires the approval of various other regulatory authorities.

Deutsche and the LSE expect the transaction to close in the first half of 2017.

Reporting by Jonathan Gould; Editing by Greg Mahlich

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below