LSE closes in on $ 1 b LCH.Clearnet takeover

LONDON (Reuters): The London Stock Exchange (LSE) closed in on completing its takeover of European clearing house LCH.Clearnet on Monday, saying the $ 1 billion deal had won the approval of the majority of shareholders and was expected to close in the fourth quarter.

The LSE said its offer had been accepted by parties representing more than 60 per cent of LCH.Clearnet’s share capital, and that it had received proxy votes representing around 85 per cent also backing the deal.

Last month, the British exchange said it planned to take up to 60 per cent of the clearing operator, offering shareholders 20 euros per share, which values LCH.Clearnet at 813 million euros ($1.1 billion).

The deal is seen as crucial for LSE Chief Executive Xavier Rolet, whose attempt to scoop up Canadian peer TMX fell through last year.