LSE pulls out of LCH.Clearnet consortium

The London Stock Exchange has pulled out of a consortium of banks led by inter-dealer broker Icap that is considering a takeover bid for LCH.Clearnet. The independent clearer says it has had extensive talks with the consortium but that it is still awaiting an offer.

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LSE pulls out of LCH.Clearnet consortium

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The LSE had expressed an interest in the fate of LCH.Clearnet, but had neither confirmed or denied that it would take part in any potential bid.

The Icap-led collective was expected to tender an indicative offer earlier this week ahead of an LCH.Clearnet board meeting, but has so far failed to show its hand.

Speaking to a Reuters reporter at the Futures Industry Association conference in Boca Raton, Florida, LCH.Clearnet chief Roger Liddell, confirmed the talks but said no offer had been made. "We've been providing a lot of information. They've been doing a huge amount of due diligence, but we've had no offer," Liddell said.

Liddell also confirmed that the clearer was re-evaluating an earlier agreed merger pact with the US-based Depository Trust and Clearing Corporation.

"We're in a considerably changing landscape and reevaluating the situation. It's a very lengthy, complicated legal process and none of this is simple," he told Reuters.

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