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Drumbeat: Ad Buzzaar
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Tuesday, July 14, 1998
Paris SE may join Frankfurt-London alliance
AFP
Germany, July 13: The Paris Stock Exchange may join the planned alliance between the Frankfurt and London stock exchanges, said the supervisory board chairman of the German stock exchange association Deutsche Boerse Rolf Breuer. Breuer, who is also chairman of Deutsche Bank, said there was an ``open invitation'' to other European bourses to join the Frankfurt-London alliance.He suggested that if the Paris bourse were to join, it might have a 20 per cent stake, while London and Frankfurt would reduce their stakes by 10 per cent each to 40 per cent. Breuer said the exchanges which come to the alliance later would have stakes in-line with their trading volumes. But Frankfurt and London would retain equal shareholdings even if other exchanges joined later. Breuer stressed that the agreement so far involved only a letter of intent and other exchanges would be kept up to date as the details were decided over the next 12 months. "This is not a closed shop, it's a working party," Breuer said. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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