Deutsche Boerse has started off its proposed merger with the London Stock Exchange (LSE) by playing nicely. The euro 14-billion German exchange has yet to divulge what cost savings it could achieve from a tie-up, but it's possible to take a guess. So far, the merger looks carefully calibrated to avoid offence. UBS reckons the average annual cost savings achieved in exchange mergers over the last decade amount to 25 per cent of the acquired bourse's relevant expenses. For LSE, this equates to euro 215 million, the Swiss bank's analysis suggests. Tax those at 25 per cent, ...
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