London Stock Exchange gets French OK for LCH.Clearnet takeover
LONDON (Reuters) - The London Stock Exchange (LSE.L) has won the backing of French regulators for its planned takeover of LCH.Clearnet, taking the LSE a step forward towards completing a deal which it has said will be transformative for its business.
LCH would give the British exchange operator a platform to move aggressively into futures trading and benefit from regulatory reforms which are getting the huge off-exchange over-the-counter financial derivatives markets to use clearing houses like LCH to manage their trades.
LCH.Clearnet, which is based in London and Paris, said on Friday it had received "letters of consent and statement of non-objection" from the Autorite de Controle Prudentiel and Autorite des Marches Financiers over its acquisition by the LSE.
This means the deal has been cleared by the French regulators but still awaits approvals in the Netherlands, the UK and Portugal, the exchange said on Friday.
The LSE's takeover offer, which has been backed by both sets of shareholders, values LCH at 813 million euros ($1 billion)
The exchange has said it expects full regulatory and anti-trust clearance in all the relevant countries that LCH operates in the coming weeks, paving the way for the completion of the deal this year. ($1 = 0.7857 euros)
(Editing by Greg Mahlich)
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