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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.”


N&P fixes loan for Spanish homes

Norwich & Peterborough Building Society is offering a fixed-rate mortgage to buy or remortgage homes on the Costa del Sol.The loan is fixed at 6.24 per cent for two years for up to 65 per cent loan to value. The rate then reverts to the standard variable N&P Spanish Home Loans rate of 8 per […]

A transformation as the market widens

Stakeholder represents one of the most significant new tax-planning opportunities for a generation. Okay, so perhaps I exaggerate a little – but not too much.It&#39s easy to think of stakeholder only in the context of simpler products and lower margins. Stakeholder undoubtedly opens up opportunities both for financial advisers and providers to develop high-volume, low-margin […]

Furness Building Society introduces ultimate choice mortgage

Ultimate choice offers borrowers a chance of taking either a cashback of up to six per cent of the loan or a discount of up to 1.2 per cent on the mortgage base rate.The mortgage is unusual in that it comes with free accident sickness and unemployment insurance for one year. It also has free […]

Sub-prime lender calls for clarity in IFA deals

Specialist lender the iGroup is calling on independents to offer more “transparent” deals for their clients when advising in the non-conforming sector.The non-conforming lender says it is concerned about practices which could mean clients are not offered good deals in the long term and says IFAs must be clear about what they are offering.It is […]


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