London Stock Exchange and Deutsche Borse agree to create giant exchange worth €26bn

The London Stock Exchange and German rival Deutsche Borse revealed plans to save more than €448m a year as they agreed a tie-up to create an exchange giant worth more than €26bn.

Billed as a "merger of equals", the deal will see Deutsche Borse own 54.4% of the combined group and LSE shareholders the remaining 45.6%.