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Deutsche Börse AG, the operator of the Frankfurt stock exchange, and London Stock Exchange Group Plc (LSE), the company which owns the London stock exchange, are discussing a potential merger, with the analysis being at an incipient stage. The two markets have already tried a merger in 2004, but the LSE has rejected the offer of Deutsche Börse.
The LSE officials made the following statement: "As a result of the recent move s in the LSE stock price, the board of the London market and the management of Deutsche Börse confirm that they are having detailed talks concerning a potential merger between equals. This would create a top stock exchange group, headquartered in Europe, and the potential combination of the complementary strategies for growth of the LSE and Deutsche Börse, of the products, services and geographic footprint is expected to generate a complete offer for customers on a global level".
The LSE has announced that according to the merger plan, the shareholders of Deutsche Börse would own 54.4% of the new entity, whereas those of the LSE would own 45.6%. If it takes place, the transaction would be made through stock. LSE investors would receive 0.4421 new shares for each share they own, and those of Deutsche Börse - a new share for each share already owned.
If it gets created, the new stock exchange operator would be a rival to the CME Group and Intercontinental Exchange of the US, as well as Hong Kong Exchanges & Clearing. The market value of the new entity would be 28.3 billion dollars, according to Monday's close for the stocks of the two exchanges.
Prior to the beginning of the merger negotiations, the executive director of Deutsche Börse, Carsten Kengeter, was saying that "he is open" to major acquisitions, as part of his strategy to support the rise of revenues of the exchange operator. LSE, Xavier Rolet, also said that the company he leads would make a new deal with a major Western country in the coming years.
In May 2000, the LSE and Deutsche Börse announced that they were negotiating a merger, but the parties failed to reach an agreement. In 2004, Deutsche Börse tried to acquire the LSE, but its offer was rejected.
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