NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
FOR IMMEDIATE RELEASE
7 February 2017
RECOMMENDED ALL-SHARE MERGER BETWEEN LONDON STOCK EXCHANGE GROUP PLC AND DEUTSCHE BÖRSE AG
Update on the European Commission Phase II Proceedings
On 28 September 2016, the European Commission ("Commission") announced the commencement of Phase II proceedings in connection with its review of the proposed merger between London Stock Exchange Group plc ("LSEG") and Deutsche Börse AG ("Deutsche Börse") (the "Merger").
LSEG and Deutsche Börse have constructively engaged with the Commission with respect to the Phase II process and today confirm that they have submitted commitments, comprising the proposed sale of LCH SA to Euronext N.V. as announced on 3 January 2017, in response to preliminary competition concerns raised and with a view to obtaining Commission clearance of the Merger. The Commission will now market test the commitments. As a result of this development, the Commission's review timetable is automatically extended by 15 working days to 3 April 2017.
About LCH SA:
LCH SA is authorised as a central counterparty to offer services and activities in the European Union in accordance with the European Markets Infrastructure Regulation (EMIR). It acts as the clearing house for regulated markets in France, the Netherlands, Belgium and Portugal and offers clearing services for a diverse range of asset classes including CDS; repos and fixed income; commodities; cash equities and equity derivatives.
LCH SA is regulated as a Credit Institution and Clearing House by the French Authorities, L'Autorité des Marchés Financiers (AMF), L'Autorité de Contrôle Prudentiel et de Résolution (ACPR), and Banque de France. It is also designated as a Securities and Settlement System by the French Authorities and is registered as a Derivatives Clearing Organization with the Commodity Futures Trading Commission (CFTC), USA and registered as a Clearing Agency with the Securities and Exchange Commission.
Enquiries:
London Stock Exchange Group plc
Gavin Sullivan / Lucie Holloway / Ramesh Chhabra (Press Office) |
+44 20 7797 1222 |
Paul Froud (Investor Relations) |
+44 20 7797 3322 |
Anthony Cardew (Cardew Group) |
+44 20 7930 0777 |
Lucas van Praag (Fitzroy Communications) |
+1 212 498 9772 |
Deutsche Börse AG |
|
Grit Beecken (Press Office) |
+49 69 211 15004 |
Jan Strecker (Investor Relations) |
+49 69 211 12433 |
Further information
This announcement is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Merger or otherwise, nor shall there be any sale, issuance or transfer of securities of LSEG or Deutsche Börse in any jurisdiction in contravention of applicable law.
Overseas jurisdictions
The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements. The information disclosed in this announcement may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom.
Publication of this announcement
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available on the website of LSEG at www.lseg.com by no later than 12 noon (London time) on the business day following this announcement. The content of the websites referred to in this announcement are not incorporated into and do not form part of this announcement.
