I’m not sure whether Lehman Brothers has inside knowledge or not but it is predicting another contest between Deutsche Börse and Euronext for the London Stock Exchange.
The next gladiatorial round cannot take place, however, until after the UK Competition Commission has reported in September but its findings are unlikely to rule out a new bid.
Lehman Brothers estimates that Euronext can afford to pay 555 pence for the exchange – 10p more than Deutsche, based on greater synergies. But when did logic ever rule in the case of M&A?
