Overview
Steptoe European competition counsel Paul Hughes was quoted in a Law360 article titled “Brexit Likely At Heart Of LSE-Deutsche Börse Merger Woes.” The article, published February 28, discusses why the London Stock Exchange Group PLC (LSE) revealed that its long-gestating $30 billion merger with Deutsche Börse AG was essentially dead in the water, blaming unexpected new demands from European antitrust regulators and the prerogatives of Italian financial services authorities.
According to the article, the reality almost certainly stems from what happened three months after the two European trading giants announced the deal: the United Kingdom's June 23 vote to leave the European Union.
Mr. Hughes says: “They may have come under political pressure from within the UK. You've got the Brexit people saying, ‘Is this very sensible? Because Deutsche Börse is going to wind up with 54 percent of LSE.’ Maybe the mood music has changed in a number of ways.”
The full article can be read at Law360 (subscription required).