Feb 27 (Reuters) - LCH.Clearnet will raise 300 million
pounds ($454 million) through a capital raising in the coming
days that is expected to see exchange operator Nasdaq OMX Group
raise its minority stake in the trans-Atlantic clearing
house, Sky News reported on Wednesday.
LCH Clearnet is in advanced stages of finalising the
fund-raising as part of a takeover deal by the London Stock
Exchange Group, Sky News said on its website.
The LSE plans to pay 366 million euros ($479.8 million) for
60 percent of LCH, which as a clearing house makes its money by
acting as a middle man in financial trades and guaranteeing to
complete deals if one of the parties involved can't.
The deal offers the LSE diversification from its equities
base into the many debt and currency markets in which LCH
operates, but the exchange has already cut its offer price after
estimating that regulatory demands could require LCH to raise
300 million euros in additional capital this year.
The two parties last month set a deadline giving themselves
until Thursday to finalise detailed terms of a deal and Sky News
said the companies are on the brink of an agreement even though
they could still miss the deadline.
LSE Group and LCH declined to comment.
As part of the deal, yet to be finalised as of Wednesday
afternoon, Singapore Exchange operator SGX could
potentially snap up a minority shareholding, while Nasdaq was
also in talks to raise its minority stake in the business, Sky
News said.
Nasdaq declined to comment. SGX could not be reached for
comment outside regular business hours.
Source: http://news.yahoo.com/lch-clearnet-raise-300-mln-stg-nasdaq-stake-214904578--sector.html
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