Euronext returns €1bn and renews Deutsche pursuit
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Paris-based bourse also said it would hand back €1bn (£688m) to shareholders, in effect emptying a financial war chest it had built to pursue a bid for the London Stock Exchange.
Nasdaq made an informal £2.4bn approach to the LSE last week, and will begin meeting its major shareholders in the next few days in the hope of winning support for the bid.
Euronext, which combines the French, Belgian, Dutch and Spanish stock markets, had expressed its interest in the LSE last year, but signalled yesterday that its focus had shifted to a merger with Frankfurt.
Euronext said it was "pleased to hear" it was Deutsche Börse's preferred partner. "While there are differences between the respective business models and views, Euronext welcomes the invitation to discuss these issues and intends to work constructively with Deutsche Börse to try to find creative solutions to bridge the gaps," it said.
Talks between Deutsche Börse's chief executive, Reto Francioni, and his counterpart at Euronext, Jean-François Théodore have been fraught. The pair have clashed repeatedly over price, over the location of the company's headquarters, and who should run it. But the negotiations have been given new impetus by the prospect of the LSE combining with Nasdaq or the New York Stock Exchange, which is mulling a bid.
There was an important signal yesterday that European politicians would not throw up nationalist objections to a merger of Euronext and Deutsche Börse. Angela Merkel, the German Chancellor, and the French President Jacques Chirac described the prospect of a deal as a potentially positive example of Franco-German co-operation.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments