LCH.Clearnet Receives Take Over Offer
May 10, 2009 by Stephen Kersey
Filed under Business
LCH.Clearnet, a London-based securities clearing house, has reportedly received a takeover bid from a consortium of banks, according to The Wall Street Journal and other news sources. The consortium, which includes JP Morgan Chase and Deutsche Bank AG among others, is said to be offering as much as $1.2 billion.
Image: LCH.Clearnet
The group has had interest in taking over LCH.Clearnet since November with ongoing talks since that point.The takeover was expected to take place earlier this year, but hit some snags before the end of the first quarter.
If the takeover goes through, it could thwart the attempts of the US Depository Trust & Clearing Corp. (DTCC) to create a combined trans-Atlantic clearinghouse for stocks and bonds. Many prefer that the ownership of LCH.Clearnet remains in Europe.
