Fri, 24 Jun 2016 | MERGER
Despite the shocking news that Britain has voted to leave the European Union, the London Stock Exchange (LSE) Group and Deutsche Boerse have vowed to push through their proposed $30 billion merger.
The companies behind both stock exchanges said that the outcome of the EU referendum did not fundamentally change the rationale behind the merger plans. Both the LSE and Germany-based Deutsche Boerse have said they will now continue to push their case through the regulatory approval process.
In a joint statement made on Friday 24 June, when the final EU referendum result was known, the companies said: "The combined group's capabilities, including global reach, distribution network across Europe, Asia and America, brand strength, financial resources and deep customer relationships, remain well positioned to serve global customers irrespective of the result of the referendum.”
In addition, both stock exchange groups have urged shareholders to back the merger deal.
Joachim Faber, the chairman of Deutsche Boerse, added in a statement reported by Reuters: "We are convinced that the importance of the proposed combination of Deutsche Boerse and [the London Stock Exchange Group] LSEG has increased even further for our customers and will provide benefits for them as well as our shareholders and other stakeholders.”
LSE shareholder will have until 4 July 2016 to make their final decision about whether to back the proposed merger at a general meeting. Corresponding Deutsche Boerse shareholders will have until 12 July 2016 to make their own decision on the deal.
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