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London Stock Exchange says Deutsche Boerse merger 'compelling' London Stock Exchange says Deutsche Boerse merger 'compelling'
(35 minutes later)
The London Stock Exchange (LSE) has said a merger with Deutsche Boerse would be "compelling" as the UK firm reported a rise in profits for last year.The London Stock Exchange (LSE) has said a merger with Deutsche Boerse would be "compelling" as the UK firm reported a rise in profits for last year.
The LSE said the tie-up would be an "industry-defining combination" with substantial revenue and cost benefits.The LSE said the tie-up would be an "industry-defining combination" with substantial revenue and cost benefits.
The talks, first announced on 23 February, are still "ongoing".The talks, first announced on 23 February, are still "ongoing".
It comes as the UK stock exchange company announced a 31% rise in adjusted pre-tax profits of £643.4m.It comes as the UK stock exchange company announced a 31% rise in adjusted pre-tax profits of £643.4m.
Excluding one-off items, profit before tax was £336.1m last year, the LSE said. Including one-off items, profit before tax from continuing operations was £336.1m last year, the LSE said.
'Merger of equals''Merger of equals'
A merger with Deutsche Boerse would provide a full service to customers on a global basis and offer the prospect of enhanced growth, the LSE said.A merger with Deutsche Boerse would provide a full service to customers on a global basis and offer the prospect of enhanced growth, the LSE said.
The company did not mention a potential rival bid from the owner of the New York Stock Exchange.The company did not mention a potential rival bid from the owner of the New York Stock Exchange.
On Tuesday, Intercontinental Exchange (ICE), which owns the flagship US stock market, said it was considering making a takeover offer for the LSE.On Tuesday, Intercontinental Exchange (ICE), which owns the flagship US stock market, said it was considering making a takeover offer for the LSE.
ICE has until 29 March to make or announce an offer, while Deutsche Boerse has until 22 March.ICE has until 29 March to make or announce an offer, while Deutsche Boerse has until 22 March.
Under the proposed "merger of equals", the LSE would own 45.6% of the combined group and Deutsche Boerse would hold the remaining 54.4%.Under the proposed "merger of equals", the LSE would own 45.6% of the combined group and Deutsche Boerse would hold the remaining 54.4%.
Both companies said all their key businesses would continue to operate under their current brand names.Both companies said all their key businesses would continue to operate under their current brand names.
The merged company would also have dual headquarters in London and Frankfurt.The merged company would also have dual headquarters in London and Frankfurt.