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LSE in merger talks with Milan LSE in merger talks with Milan
(20 minutes later)
The London Stock Exchange (LSE) has revealed it is discussing a possible merger with its Italian counterpart.The London Stock Exchange (LSE) has revealed it is discussing a possible merger with its Italian counterpart.
The LSE confirmed it was in "advanced talks" with Milan's Borsa Italiana after the close of European trade, but gave no further details.The LSE confirmed it was in "advanced talks" with Milan's Borsa Italiana after the close of European trade, but gave no further details.
"The board of London Stock Exchange Group will make a further announcement as appropriate," the statement said."The board of London Stock Exchange Group will make a further announcement as appropriate," the statement said.
The move reflects the continuing trend for consolidation in the industry to boost efficiency, analysts say.The move reflects the continuing trend for consolidation in the industry to boost efficiency, analysts say.
Borsa's chief executive, Massimo Capuano, will discuss details of the agreement with board members at a meeting on Thursday, a source quoted by Reuters said.
Wave of deals
The proposed tie-up between LSE and Borsa Italiana would be the latest in a wave of deals and attempted deals between the world's stock exchanges as they strive to cut costs and increase business through economies of scale.
The US technology-dominated Nasdaq, which was repeatedly rebuffed in its efforts to buy the LSE, agreed to buy Swedish stock exchange OMX in a recommended $3.7bn (£1.8bn) deal in May.
Meanwhile, pan-European stock exchange operator Euronext merged with the New York Stock Exchange last year and listed in Paris and Wall Street in April.