Bank to join race for LSE takeover

AUSTRALIAN group Macquarie Bank is understood to be preparing a bid for the London Stock Exchange.

The move comes as the Exchange awaits the outcome of a Competition Commission inquiry into takeover approaches by French group Euronext and Deutsche Borse.

Any offer made by Macquarie Bank, which has yet to make a formal approach, would have to be in excess of the 530p a share or £1.35 billion (€1.97bn) which was already put forward by Deutsche Borse last year and rejected. The LSE is understood to be demanding at least 600p a share or £1.5bn (€2.2bn).