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Deutsche Borse shareholders approve £21bn London Stock Exchange merger

Published 26/07/2016

Deutsche Borse shareholders have voted to back a merger with the London Stock Exchange
Deutsche Borse shareholders have voted to back a merger with the London Stock Exchange

Shareholders in Germany's Deutsche Borse have voted to approve a proposed £21 billion merger with the London Stock Exchange (LSE), despite Britain voting to leave the European Union.

The German stock exchange operator said 60.35% of investors have backed the deal so far, which is above the 60% required. Deutsche Borse had lowered the approval threshold from 75% earlier in July.

It comes after LSE shareholders also voted overwhelmingly to approve the merger, with 98.89% backing the deal.

The deal's future had been thrown into doubt by the Brexit vote, but shareholder approval will be seen as a major boost for its prospects.

LSE said earlier this month: "Whether the UK is just European or a member of the EU, the merger will create a globally competitive, industry-defining market infrastructure group at the service of European industry."

Joachim Faber, chairman of the supervisory board of Deutsche Borse, has previously said the vote to leave the EU "makes it ever more important to maintain and foster ties between the UK and Europe".

However, the deal still faces regulatory scrutiny in Britain, Germany and by the European Union.

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