A consortium of banking groups and interdealer broker ICAP Plc (IAP.L) has bid about 830 million euros ($1.1 billion) or 11 euros per share for clearing house LCH.Clearnet, the Financial Times reported in its Monday edition.
The move comes after U.S. Depository Trust & Clearing Corp (DTCC) scrapped a $979 million merger plan last month with LCH.Clearnet, paving the way for the ICAP group to pick up Europe's biggest independent clearing house. [ID:nLT891353]
The FT said LCH.Clearnet had yet to publicly respond to the offer, but cited unnamed people familiar with its management's thinking as regarding the offer as "underwhelming."
The 12-member group led by Deutsche Bank (DBKGn.DE) and ICAP had been working towards making an offer for LCH.Clearnet by May 29, people familiar with the matter said.
Other members of the consortium include Barclays PLC (BARC.L), Citigroup Inc (C.N), HSBC Holdings PLC (HSBA.L), JPMorgan Chase & Co (JPM.N), Nomura Holdings Inc (8604.T), Morgan Stanley (MS.N), Royal Bank of Scotland Group Plc (RBS.L), Societe Generale (SOGN.PA) and UBS AG (UBSN.VX).
LCH.Clearnet clears cash equities transactions executed on the LSE's UK order book and NYSE Euronext (NYX.PA) (NYX.N); over-the-counter fixed income and repo trades; soft commodities and metals derivatives as well as credit default swaps (CDS) through a joint venture with NYSE Liffe.
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