Friday, February 26, 2016

Exchanges – Mega Market to be led from London – Süddeutsche.de

Direct from the dpa news channel

Frankfurt / London (dpa) – The management structure of the proposed European mega-market of Frankfurt and London is

German. -Börse boss Carsten Kengeter to lead the heavyweight division with headquarters in Frankfurt and London, as the German Stock exchange and the London Stock Exchance (LSE) announced on Friday. His legal domicile to the new group have in the British capital. The plan is the group formed by German Börse and LSE to lead a company under British law

In addition, both sides agreed on other important personal details. LSE Board Chief Donald Brydon will according to the plans this position also in the merged companies take over as his deputy is the current chairman of Deutsche Börse, Joachim Faber, provided. LSE CFO David Warren will take over this position in the combined group.

The reigning seven years LSE boss Xavier Rolet will leave the company once the deal is completed. Rolet had decided to “give up his position to support the successful establishment of the new group”. He had the LSE brought back on track.

The German stock exchange and the LSE had been made public by market rumors on Tuesday its intention to a merger on equal terms. Now by no later than March 22 either a binding offer made or the deal must to British specifications initially be blown off.

From the union, promise both sides “substantial cost synergies” primarily “through the elimination of duplication in the field of technologies and operations across all divisions, business services and support functions across “. Customers also will benefit: “The combination of the London and Frankfurt stock exchanges would provide a liquidity bridge that would widen the range of securities and thus in the regulatory environment looming create benefits for all market participants.”

After the previously published plans to adhere to the joint venture with 54.4 percent, a slight majority shareholders of Deutsche Börse. Together, the two companies would catch up to market value at the two US heavyweights ICE and CME.

Agree need a merger among others, the EU competition watchdog. Brussels had failed on a crash the last great thrust of Frankfurt into a mega merger with New York Stock Exchange early 2012 Design. the German stock market has been twice on the LSE – 2000 and 2005 -. nut to crack

have LSE and German stock exchange, according to Friday with the competent supervisory authorities and with the governments in the UK, Germany, France and Italy talks on the potential merger added.

a common advisory panel to assess the impact of a possible EU exit Britain ( “Proposed referendum on United Kingdom membership of the European union”). “Know the parties that a decision of the electorate of the United Kingdom about leaving the European Union poses a risk to the project,” it says in the release.

However, both sides believe that the merger itself, in the case a “Brexits” still great advantages offer, although this could lead in the group to a redistribution of transactions. Reportedly stand at present the result of the planned June 23 British referendum is therefore also not a condition for the merger.

LikeTweet

No comments:

Post a Comment