LCH.Clearnet, an Anglo-French clearinghouse, has entered into exclusive negotiations with Markit, the credit information and market infrastructure provider, regarding a potential takeover of the clearinghouse, according to two sources familiar with the situation.
The LCH.Clearnet management approached shareholders at the end of June to seek permission to enter into exclusive discussions with Markit in order to flesh out a proposal. One LCH.Clearnet shareholder said the move leaves Nasdaq OMX, which in late June confirmed that it is bidding for a minority stake in the clearer, on the sidelines for the time being.
Days later, NYSE Euronext confirmed that it was bidding for a stake in the company as part of a joint bid led by Markit. However, one shareholder said the extent of NYSE Euronext’s role in the Markit bid remained unclear. Markit has been on an acquisition spree since it was founded in 2001 and has a strong history of picking up key market infrastructure assets.
Full article (FN subscription needed)
© Financial News
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article