William Mitting looks at the possible implications of the news that OFT has stopped the clock on the LSE's takeover of LCH Clearnet.
Just how much of a done deal is the London Stock
Exchange’s takeover of LCH.Clearnet? This week the
Office of Fair Trading announced it was "stopping the clock" on
the 40 day investigation into the merger. In itself, this is
not unusual, but it coincides with a growing chorus of concern
and agitation from some corners of the market over the
The deal, which would see the LSE acquire up to 60% of
LCH.Clearnet for €19 a share, has been cleared by the
competition commission in Spain and is expected to be passed by
those in Portugal. However, the decision by the OFT to stop the
clock on the investigation without the provision of the
expected completion date has raised some eyebrows.
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