Clearstream set to reject rival bids - FT

Clearstream set to reject rival bids - FT

The Financial Times is reporting that Clearstream is set to reject rival takeover bids from Deutsche Borse and Euroclear as too low.

The FT quotes the Cedel consortium - a part-owner of Clearstream alongside Deutsche Borse - as saying that the bids "were disappointing and further work will be needed".

Clearstream is understood to be open to offers in the region of $3 billion.

Euroclear is quoted by the FT as indicating that it might be prepared to extend its all-share offer.

The battle for control of Clearstream is seen as crucial to deciding the future of clearing and settlement in the European financial markets.

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