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LSE 'cuts LCH. Clearnet bid'

The London Stock Exchange Group has cut its bid for a majority share in LCH.Clearnet Group, according to individuals involved in negotiations.

19 December 2012

Posted by Ron Maverick

The London Stock Exchange Group (LSE) has reduced its bid for a majority stake in LCH.Clearnet Group by 30 per cent, according to individuals close to the proposed deal.

European regulators intervened to insist the clearing house boosts its capital levels, they told Reuters.

Responding to a story in Bloomberg today (December 19th), the LSE said the two firms are still "in discussions regarding the implications of the recommendations from the European Securities and Markets Authority and the European Banking Authority" for the terms of the deal.

Originally, the LSE had offered €19 (£15.48) in cash plus €1 dividend for a share of up to 60 per cent, valuing LCH Clearnet at £1.08 billion.

The offer is now believed to be €13 a share.

Firms who have to reconsider bids in the light of regulatory issues may find merger and acquisition consultants can help in finding ways to revise deals.

Other firms who may need to revise the terms of merger and acquisition transactions could include Glencore and Xstrata, whose planned merger has run into red tape in China and South Africa.

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