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Deutsche Boerse may drop LSE approval levels Deutsche lowers LSE merger approval hurdle
(about 17 hours later)
Deutsche Boerse says it is considering lowering the approval threshold for its proposed merger with the London Stock Exchange (LSE) from 75%. Deutsche Boerse has lowered the approval threshold for its merger with the London Stock Exchange (LSE) from 75% to 60% of its shareholders.
The German exchange is concerned that the threshold could be hard to reach without its index fund shareholders. As a result, they now have an extra two weeks to accept, until 26 July.
They hold up to 15% of its shares but will not be able to accept the offer until the minimum level of acceptances has already been reached. The German exchange was concerned that the threshold could be hard to reach without its index fund shareholders.
They hold up to 15% of its shares, but will not be able to accept the offer until the minimum level of acceptances has already been reached.
The merger has already been backed overwhelmingly by LSE shareholders.The merger has already been backed overwhelmingly by LSE shareholders.
If it goes through, the tie-up will create the world's biggest exchange by revenue, forecast to be €4.7bn ($5.19bn) this year.If it goes through, the tie-up will create the world's biggest exchange by revenue, forecast to be €4.7bn ($5.19bn) this year.
Approval German shareholders had initially been given until Tuesday to accept the merger, which still needs approval from European Union authorities. It has already been passed by the US and Russia.
A statement from Deutsche Boerse said the parties involved were looking at the potential for lowering the minimum acceptance threshold "with a view to enabling index funds to participate in the offer".
It will make a final decision on lowering the threshold on Monday.
German shareholders are due to vote on the merger on Tuesday.
The merger still needs approval from European Union authorities. It has already been passed by the US and Russia.
The two stock exchanges agreed a $27bn (£20bn) merger earlier this year, but the Brexit vote has raised questions about how it should be implemented.The two stock exchanges agreed a $27bn (£20bn) merger earlier this year, but the Brexit vote has raised questions about how it should be implemented.
The LSE said the deal would still deliver value to shareholders.The LSE said the deal would still deliver value to shareholders.