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Opponents close to blocking iX merger

The merger of the London and Frankfurt stock exchanges received another blow yesterday when it emerged opponents are approaching the support necessary to block the deal.

A new survey from Bloomberg indicates 22 per cent of LSE shareholders will vote against the merger to create the iX Exchange when the vote occurs on September 14. In order to proceed chairman Don Cruickshank has to win at least 75 per cent support.

This means those opposing the union only need to attract another 4 per cent of the vote to win the day.

Only 31 per cent of those polled are willing to lend their support to the deal, with the remaining 53 per cent undecided.

BWD Securities chief executive Mike Burns says: “We are being asked to vote for something and are being told things will be solved later. Things are not improving quickly enough for us to vote for the merger.”

An Exchange spokesperson says: “We are encouraged by the response to our shareholder meetings and there is still some way to go before the vote.”

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