“Brexit” may ruin London, Frankfurt market merger: Deutsche BoerseFebruary 26, 2016 - 15:03 AMT PanARMENIAN.Net - Frankfurt stock exchange operator Deutsche Boerse revealed Friday, February 26 that in the proposed tie-up with the London Stock Exchange the merged group would be based in the British capital, but a potential “Brexit” could jeopardize the plans, AFP reports. Deutsche Boerse's chief executive Carsten Kangeter would assume the role of CEO of the combined company if the tie-up goes ahead, the German company said in a statement outlining the rationale and key points behind the proposed merger. But any vote by Britain to leave the European Union could put the entire project at risk, Deutsche Boerse warned. Further to their announcement on February 23, the London Stock Exchange and Deutsche Boerse had agreed the following key terms "in relation to the potential merger to form a combined group," the statement said. "The potential merger would be structured as an all-share merger of equals under a new UK holding company," the statement said, according to AFP. The LSE and Deutsche Boerse "would become intermediate subsidiaries of the combined group. The existing regulatory framework ... would remain unchanged, subject to customary and final regulatory approvals." The combined group would also be listed on both the London and Frankfurt stock exchanges. "It is envisaged that the combined group shares would be eligible for inclusion" in the blue-chip stock indices, EuroStoxx, DAX and FTSE. The combined group would have headquarters in London and Frankfurt, "with an efficient distribution of corporate functions in both locations," the statement continued. The board of the merged unit would have "equal representation" from both sides. At completion, LSE chairman Donald Brydon would become chairman of the combined group. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. |