Deutsche Boerse now "very confident" of winning shareholder approval for merger

 
William Turvill
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The London Stock Exchange and Deutsche Boerse agreed a £21bn merger in March (Source: Getty)

Deutsche Boerse has taken another step towards winning shareholder approval for its merger with the London Stock Exchange.

The German exchange yesterday reported it had won 55.5 per cent approval for the deal.

Last week, the company lowered the acceptance threshold from 75 per cent to 60 per cent.

Read more: Deutsche Boerse lowers shareholder approval threshold for LSE deal

Deutsche Boerse’s chief financial officer Gregor Pottmeyer said in a statement that he was “very confident” of reaching the 60 per cent.

“It is common market practice for investors to tender only in the final 48 hours before the expiry of a tender offer,” Reuters reported him saying.

Shareholders of the German exchange have until 26 July to tender their shares.

Read more: Deutsche Boerse tells German MPs: Merged stock exchange will have EU HQ

London Stock Exchange shareholders approved the deal earlier this month, with 99.89 per cent voting to accept it at an extraordinary general meeting (EGM).

Once shareholder approval has been won, the exchanges will face the challenges of winning regulatory approval for the deal.

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