(MENAFN- AFP) US-based global markets operator Intercontinental Exchange said Wednesday it had decided not to make an offer for the London Stock Exchange, which has agreed to merge with Deutsche Boerse.
"ICE determined that there was insufficient engagement to confirm the potential market and shareholder benefits of a strategic combination," the company said in a statement.
"Therefore, ICE has confirmed that it has no current intention to make an offer for LSEG."
ICE, owner of the New York Stock Exchange, had said in early March that it was considering a bid for the London Stock Exchange Group, which owns the London and Milan exchanges.
LSEG said in March that it intended to merge with Deutsche Boerse, which manages the Frankfurt stock exchange.
A tie-up between the two big European exchange operators would create one of the world's largest exchanges.
Shares in ICE jumped 6.4 percent in morning trade on the NYSE.
LSEG tumbled 6.2 percent on the London Stock Exchange and Deutsche Boerse added 5.6 percent.
In a brief statement, Deutsche Boerse said it "has noted" ICE's announcement.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.