Competition issues form the battleground in fight for LSE

Power, Helen
January 2005
Lawyer;1/17/2005, Vol. 19 Issue 2, p8
Trade Publication
The article reports that the London Stock Exchange (LSE), represented by Freshfields Bruckhaus Deringer, is holding twintrack talks with Germany's Deutsche Börse AG and Franco-Dutch exchange Euronext NV to sell the exchange, having turned down an initial offer from Deutsche Börse in December 2004. One of the key battlegrounds for Deutsche Börse, represented by Ashurst, and Euronext, advised by Slaughter and May and Cleary Gottlieb Steen & Hamilton, is competition. The rival bidders have different competition issues. Deutsche Börse has made the vertical integration of its exchange and clearing and settlement business a strategic priority. Euronext already owns one London exchange, the London International Financial Futures and Options Exchange, but has kept clearing and settlement more separate.


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