London Stock Exchange - EGM 03 November 2020
The Board seeks shareholdersnapproval of the disposal of London Stock Exchange Group Holdings Italia S.p.A. to Euronext N.V. In light of the European Commission concerns regarding the Refinitiv takeover, it is in the shareholder interest to approve the proposed disposal of Borsa Italiana. While we note that the price seems low, this deal isconditional on the European Commission clearing of the $27bn deal, which costs £550m as announced. The acquisition of Refinitiv will transform LSEG from a trading platform to a global data provider and create a rival to Bloomberg (which controls a third of the market according to analysts’estimates).
We consider the proposed disposal to be in line with the new business strategy of the group, that will also strengthen the groupns financial position. We have not identified any serious concerns that would lead us not to support the proposal.
London Stock Exchange Group is a global markets infrastructure business based in the United Kingdom. Co's operating segments include: Information Services, which provides a range of information and data products including indexes and benchmarks; Post Trade Services LCH, which provides clearing services through which counterparty risk is mitigated across multiple asset classes; Capital Markets, provides access to capital for domestic and international businesses and electronic platforms for secondary market trading of equities, bonds and derivatives; and Group Technology, which provides secure technologies to customers that require performance at high levels of availability and throughput.
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