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Clearnet hopes for consortium compromise

Posted on May 13, 2009 6:42 PM
European clearing house LCH.Clearnet Group Ltd. could be open to a compromise that would balance the interests of its existing shareholders with those of the consortium which last week offered €830 million ($1.13 billion) to acquire the business.

London and Paris-based LCH.Clearnet has been working on an internal restructuring plan since New York clearer Depository Trust & Clearing Corp. walked away from a merger deal last month. But its priorities are different from those of the consortium of the eleven banks and interdealer broker ICAP plc, according to a source close to the situation.

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