Constructive “pre-notification” discussions with European Union competition regulators regarding the purchase of Refinitiv are underway, with Schwimmer saying he expects to submit a formal application in March for approval.
The London Stock Exchange Group (LSE.L) said on Friday it would complete its $27 billion takeover of analytics company Refinitiv on time this year as it reported a rise in annual income driven by a jump in clearing activity.
The exchange’s chief executive David Schwimmer also said it was too early to assess the impact of the coronavirus epidemic on its global business, although like many companies it has imposed travel restrictions on some staff.
Constructive “pre-notification” discussions with European Union competition regulators regarding the purchase of Refinitiv are underway, with Schwimmer saying he expects to submit a formal application in March for approval.
There was nothing unexpected in the amount of time it was taking to obtain regulatory approval and detailed planning on integrating the two companies was underway, he added.
“We remain on track to close the transaction in the second half of this year,” Schwimmer, the former Goldman Sachs veteran who took the reins at the LSE in 2018, said.
Refinitiv is 45%-owned by Thomson Reuters (TRI.TO), which owns Reuters News.
Schwimmer said it was premature to speculate whether the LSE may need to sell off parts of the group, such as the Milan Exchange, to win approval from Brussels. Rival Euronext has said it would be interested in bidding for it if so.
“With respect to Borsa Italiana, it has been an integral part of the business... and there is no expectation or intention that any of that should change,” Schwimmer told reporters.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Severity: Warning
Message: count(): Parameter must be an array or an object that implements Countable
Filename: amp/news_details_amp.php
Line Number: 252
Backtrace:
File: /home/smartmarketnews/public_html/application/views/amp/news_details_amp.php
Line: 252
Function: _error_handler
File: /home/smartmarketnews/public_html/application/controllers/Amp_controller.php
Line: 41
Function: view
File: /home/smartmarketnews/public_html/index.php
Line: 315
Function: require_once
Smarter Decisions with Smart News
Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.
media@smartmarketnews.com | sales@smartmarketnews.com
Contact Us