One of the London Stock Exchange’s few remaining “white knights” has ruled out making a further bid for the British bourse in spite of the latest approach by Nasdaq. Analysts say that leaves the LSE increasingly cornered, having already rebuffed four recent takeover attempts, including one from Euronext.
In the battle of the European bourses, Euronext lags behind the LSE in terms of listed companies but when it comes to market value there is not much between the top two exchanges. They dominate the European scene, with the German, Spanish, Swiss, Italian and Nordic and Baltic exchanges taking respectively smaller slices of the action.
One of Nasdaq’s most senior London figures says the tech-heavy exchange could raise its 3.9 billion euro bid for the LSE – if it could win the recommendation of the London bourse’s board. But given the fact that the LSE rejected the bid and refused a meeting with Nasdaq’s chief executive, the chances of that appear low.
A spokeswoman for Deutsche Boerse has declined to comment on fresh rumours regarding a possible takeover bid of the Spanish exchange, BME. Without citing any sources, Spanish newspaper ‘Negocio’, has reported that the German stock market had made an offer of 33 euros per share for BME. Shares in the Spanish bourse rose on the back of the speculation but dealers in Frankfurt and Madrid say the rumour is nothing new.