* Deutsche Boerse CEO says will evaluate opportunities
* Says main focus remains standalone growth
* Company is open to partnership talks in Asia
FRANKFURT, June 18 Deutsche Boerse
Chief Executive Reto Francioni signalled on Tuesday that the
exchange operator was still on the lookout for merger and
acquisition deals, after its attempted takeover of NYSE Euronext
was blocked last year.
The company is mainly focused on growing without large
deals, particularly since global regulators have blocked big
acquisitions in the past, Francioni said. The European
Commission blocked the attempted takeover of NYSE Euronext
Nonetheless, consolidation is inevitable in an industry
dependent on scale, he said.
"We will continue to evaluate complementary M&A
opportunities as they arise," Francioni told analysts and
investors at the company's annual investor day.
Among the examples of recent complementary deals are
Deutsche Boerse raising its stake in STOXX, and taking a
majority stake in European Energy Exchange and derivatives
Deutsche Boerse is also working on expanding through
partnerships in Asia, Francioni said.
"We are open to partnerships that enhance value," Francioni
The Frankfurt-based operator of the Xetra equities platform
and the Eurex derivatives exchange said it would also continue
with its cost-cutting programme so that it could maintain its
dividend payout ratio of between 40-60 percent.
Chief Financial Officer Gregor Pottmeyer said Deutsche
Boerse was on target to achieve annual cost savings of 70
million euros ($93.4 million) by 2016. Of this amount, 25
million euros in savings will come from personnel costs.
A programme of voluntary redundancies had been agreed with
labour representatives and will result in the departure of
around 140 staff, Pottmeyer said.
The cost of implementing the cuts, including redundancy
payments, will amount to 110 million euros, of which 66 million
euros have been booked in the first quarter 2013.