LCH.Clearnet to sell majority stake to London Stock Exchange
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LCH.Clearnet to sell majority stake to London Stock Exchange 04 April 2012London Reporter: Georgina Lavers
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Shareholders of LCH.Clearnet supported its plan to sell a majority stake to London Stock Exchange Group for €463 million.
LCH.Clearnet said 94.4 per cent of votes cast by investors at a meeting in London today were in favor of the merger, with LSE reporting a 99.9 per cent agreement to the deal.
The clearing house attracted interest from Nasdaq OMX Group (NDAQ) and NYSE Euronext (NYX) before agreeing to the LSE bid last month. The firms intend to complete the transaction by the fourth quarter.
NYSE Euronext, the owner of the New York Stock Exchange, has a stake of about 9.1 per cent in LCH.Clearnet and plans to stop using the venue to clear European securities and derivatives in 2013.
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