London Stock Exchange shareholders agree German deal
4 July 2016
From the section Business
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German stock exchangeImage copyrightGETTY IMAGES
Shareholders in the London Stock Exchange (LSE) have voted in favour of a planned merger with its German counterpart Deutsche Boerse.
The LSE chairman, Donald Brydon, thanked shareholders for their "strong support" after 98.9% backed the deal.
The two stock exchanges agreed a $27bn (£20bn) merger earlier this year, but the Brexit vote has raised questions about how it should be implemented.
The LSE said the deal would still deliver value to shareholders.
"Whether the UK is just European or a member of the EU, the merger will create a globally competitive, industry defining market infrastructure group at the service of European industry," the company said.
Headquarters
Earlier, Mr Brydon said he was confident of "satisfactory" regulatory approval for the tie-up.
Last week, Germany's regulator said the proposed headquarters for the newly-merged company might not be in London.
"Without doubt... it is hard to imagine that the most important exchange venue in the eurozone would be steered from a headquarters outside the EU," said Felix Hufeld, Bafin's president.
"There certainly has to be an adjustment here."
Bafin does not have a veto on the deal but it is thought that Deutsche Boerse is likely to take its concerns seriously.
http://www.bbc.co.uk/news/business-36698382