Deutsche Boerse and London Stock Exchange Group on Aug. 24 formally submitted their proposed merger to the European Commission's antitrust division for approval.
The Commission set a provisional deadline of Sept. 28 to complete the first stage of its review. The Commission is expected to extend the review, however, given the overlap in derivatives clearing and the relative size of the combined company. An in-depth investigation typically takes several months longer.
Antitrust approval is one of the last major hurdles for the proposed merger, which was announced in March. Shareholders from both companies have already approved the deal, and the two exchanges are aiming to complete the transaction early next year. The governments of Belgium, the Netherlands and Portugal have raised concerns about the impact on competition in the exchange sector, however. In addition, the German state of Hesse, where Deutsche Boerse is headquartered, has not yet given its approval.
