- Deadline for Deutsche Boerse shareholders scheduled for July
- Local opposition in Germany focuses on London as headquarters
London Stock Exchange Group Plc and Deutsche Boerse AG said they will publish shareholder documents relevant to their planned merger in June.
LSE shareholder meetings required in connection with the proposal to combine the exchange groups will take place in July, after U.K. citizens vote on Britain’s membership of the European Union, according to a statement on Wednesday. The deadline for Deutsche Boerse shareholders to accept the offer will also be in July, the companies said. Next month’s release of the documents is subject to approval by German and British regulators and the boards of each company.
Shareholders and authorities in both countries will be paying close attention to the outcome of the U.K. referendum, scheduled for June 23, as the companies attempt to build a bridge between London, the world’s largest financial marketplace, and Frankfurt, Germany’s banking capital.
Deutsche Boerse Chief Executive Officer Carsten Kengeter would take the helm at the new entity and his exchange’s 54 percent stake would make it the larger partner in the all-share transaction. Despite that, lawmakers in the German state of Hesse, which holds veto powers over the deal, oppose the choice of London as the headquarters for the new company, especially if the U.K. were to leave the EU.