Deutsche Boerse has announced a “major milestone” in its quest to complete a merger with the London Stock Exchange.
The German exchange said more than 75 per cent of shares have now been tendered in support of the deal. The firm had already received the 60 per cent support necessary.
Originally, Deutsche Boerse required 75 per cent of shares to be tendered in support of the merger. But the company lowered the threshold to 60 per cent in early July. This threshold was passed on 26 July and other shareholders now have until 12 August to tender their shares.
The stock exchanges, which now hope to complete the deal in the first half of next year – rather than the first quarter, as previously stated – are switching their focus to gaining regulatory support for the merger.
“We welcome that a large majority of our shareholders has approved the industry-defining merger of Deutsche Boerse Group and London Stock Exchange Group,” said chief financial officer Gregor Pottmeyer.
“This high acceptance level is a strong vote of confidence and a major milestone. We will now focus to receive regulatory approvals.”
Winning the support of the German state of Hessen and the European Commission are seen as the major regulatory hurdles facing the merger.
The governments of France, Belgium, Netherlands and Portugal are all thought to have voiced their concerns over the merger to the European Commission.