LSE’s stake in LCH.Clearnet gets OFT clearance
Majority stake approved unconditionally but awaits nod from FSA
By CFOWorld.co.uk staff | CFO UK | Published 14:40, 14 December 12
The UK Office of Fair Trading (OFT) has cleared London Stock Exchange’s (LSE) majority stake in LCH.Clearnet Group Limited, stating the clearance was unconditional.
LSE’s move for LCH.Clearnet was revealed in September as the former acquired a 60 percent stake in the latter with an offer of €19 per share. It gave LCH.Clearnet a valuation of €813 million (£677 million).
Both parties also confirmed on Friday that they had received approval from Autoridade da Concorrência, the Portuguese competition authority this week. The transaction currently awaits other outstanding Europe-wide approvals, including that of the UK Financial Services Authority, given LCH.Clearnet's cross-jurisdictional trading remit.
In a joint statement, LSE and LCH.Clearnet also said that they "remain in discussions regarding the implications of the new recommendations from the European Securities and Markets Authority and the European Banking Authority and potential changes to the commercial terms of the transaction."
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