LONDON |
LONDON (Reuters) – The London Stock Exchange (LSE.L) is in talks to buy LCH.Clearnet, Europe’s largest independent clearing house — an institution that guarantees traders’ obligations in case of a default, and a key focus for regulators.
The LSE, which traces its history back to stock dealing in 17th century coffee houses, listed on its own main market in 2001.
Following are major deals involving the company since 2000:
May 2000 – The LSE and German peer Deutsche Boerse (DB1Gn.DE) agree to merge, to create an exchange to rival pan-European Amsterdam-based Euronext.
October 2000 – The merger collapses after Swedish group OM, which owns the Stockholm exchange OMX, makes an ultimately unsuccessful bid for the LSE.
December 2002 – The LSE sets up a new derivatives business, EDX London, with OM.
December 2004 – Deutsche Boerse offers 1.3 billion pounds, or 530 pence per share, for the LSE. The offer is rejected. Euronext says it is also interested.
March 2005 – Deutsche Boerse withdraws its proposed bid after it fails to win a recommendation.
December 2005 – Macquarie (MQG.AX), Australia’s largest investment bank, offer 580 pence per share, valuing the LSE at 1.5 billion pounds. The LSE’s two biggest shareholders reject Macquarie’s offer as too low.
February 2006 – The LSE unveils a share buyback as it posts its defense document. Macquarie drops its offer.
March 2006 – U.S. exchange Nasdaq makes a 950 pence offer, valuing the LSE at 2.4 billion pounds, which the London exchange rejects.
November 2006 – Nasdaq raises its offer to 1,243 pence, which is rejected.
December 2006 – Nasdaq, which now owns 28.75 percent of the LSE, launches a hostile bid, appealing directly to its target’s investors.
February 2007 – Winning just 0.41 percent of shareholder acceptances, Nasdaq is defeated and walks away, eventually selling most of its stake to the United Arab Emirates’ Dubai bourse and buying the OMX.
September 2007 – Qatar’s state-owned Qatar Investment Authority buys a 20 percent stake in the LSE in a privately negotiated transaction.
October 2007 – The LSE acquires Italian exchange operator Borsa Italiana in a 1.6 billion euro deal.
February 2011 – The LSE makes a friendly bid to buy Canadian group TMX, valuing the owner of the Toronto stock exchange at about $3.2 billion. Hours later, Deutsche Boerse announces it is in talks to buy NYSE Euronext (NYX.N).
May 2011 – TMX rejects a rival $3.7 billion bid from a consortium of Canadian banks and pension funds using the name Maple Group. Maple goes hostile.
The LSE denies talk it has made a bid for LCH.Clearnet, after the clearing house says it had received various proposals from exchange operators. Nasdaq OMX (NDAQ.O) and data vendor Markit are linked to a possible deal.
June 2011 – The LSE sweetens its TMX bid with an enhanced dividend. Hours later, Maple responds by raising its bid. Eventually, lacking enough shareholder support, the LSE withdraws.
September 2011 – The LSE says it is in early stage talks to buy LCH.Clearnet.
(Writing by Rosalba O’Brien and Dave Cutler; Editing by Dan Lalor and Jon Loades-Carter)