Eurex and Landesbank Baden-Württemberg (LBBW) agreed to the acquisition of LBBW’s 22.96% share in the EEX by Eurex in December 2010.
However, under the pre-emption rights laid out in the consortium agreement, LBBW is obligated to offer its share on a pro rata basis to other EEX shareholders.
The first round of the tender process was concluded on 22 February, 31 of the 40 eligible EEX shareholders declared that they would forgo a proportional increase in their stake.
As a result, Eurex’s current shareholding in the EEX of 35.2% will increase to over 50%.
Eurex will pay EUR7.75 per share, valuing the equity of EEX at just over EUR310m.
The necessary approval has already been granted by the boards of the seller, LBBW, and the buyer, Eurex Zurich.
The Supervisory Board of EEX still has to agree to the transfer of LBBW’s shares. The transaction also requires the approval of further regulatory bodies.
The Exchange Supervisory Authority in Saxony and the German Federal Cartel Office have already given their consent.
