Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Xetra  >  Deutsche Boerse    DB1   DE0005810055

DEUTSCHE BOERSE (DB1)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Deutsche Boerse : London Stock Exchange denies CEO being forced out

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/06/2017 | 12:55pm CEST
FILE PHOTO: CEO of the London Stock Exchange Xavier Rolet speaks at the Qatar UK Business and Investment Forum in London

LONDON (Reuters) - London Stock Exchange Group (>> London Stock Exchange) rejected claims by leading shareholder and activist hedge fund TCI that it was forcing out Chief Executive Xavier Rolet, saying on Monday it had followed a "proper governance process".

LONDON (Reuters) - London Stock Exchange Group (>> London Stock Exchange) rejected claims by leading shareholder and activist hedge fund TCI that it was forcing out Chief Executive Xavier Rolet, saying on Monday it had followed a "proper governance process".

The exchange was responding to a letter TCI wrote to Chairman Donald Brydon calling on him to stop the search for a new chief executive immediately and resign, with the fund saying it had lost confidence in him.

TCI Fund Management, run by Chris Hohn and the LSE's fourth-biggest investor with a more than 5 percent stake, said Rolet's departure would damage shareholder value and it instead wanted his contract extended to 2021.

LSE announced on Oct. 19 that Rolet would step down at the end of next year, just under a decade after he took charge and transformed the company with a string of deals.

LSE said on Monday that regulator the Financial Conduct Authority had been kept informed throughout the process of its plans to hire a new CEO, that Rolet was helping pick his successor and was focused on his role as CEO.

TCI did not immediately respond to an emailed request for additional comment.

Rolet, who joined the group from Lehman Brothers, said last year that he would leave if a merger with rival Deutsche Boerse (>> Deutsche Boerse) went through. But the collapse of that deal in March meant the 57-year-old Frenchman opted to stay on for longer.

TESTING TIMES

Rolet's departure comes at a critical time for the LSE as the exchange bids to win a slice of Saudi Aramco's initial public offering, expected to be the biggest listing in history. Rolet is also liaising with governments and regulators over the impact of Britain's impending exit from the EU.

Chief among those challenges is that posed by rivals such as Deutsche Boerse, which is seeking to profit from any step by the European Union to move some clearing business away from London.

LSE-owned LCH currently dominates the clearing of euro-denominated financial instruments in Europe, but the future location of such trading is uncertain following Brexit.

TCI said on Friday it had met Brydon and a senior independent director last week and did not get a satisfactory answer for Rolet's departure. It said it would call for an Extraordinary General Meeting if Rolet was not retained as CEO.

Andrew King, head of European equities at BNP Paribas Asset Management said he had been "disappointed but not entirely surprised" by Rolet's retirement announcement, but "hadn't got the impression he had been forced out by the board."

Rolet has led a period of strong growth for the company, broadening the exchange's focus beyond share trading into derivatives and data through a number of acquisitions, including LCH and global indexes firm Russell.

Under his leadership, the LSE's market value has risen from less than 1 billion pounds to almost 14 billion pounds.

The move by TCI is not the first time it has turned up the pressure on an exchange's board. Last year, it backed plans for a merger of Deutsche Boerse and the London Stock Exchange, 11 years after winning a high-profile campaign to prevent a deal.

In 2005, TCI was a shareholder in Deutsche Boerse and was convinced the German exchange's stock would suffer if it bought its British rival. Its campaign was so intense that Deutsche Boerse's CEO at the time, Werner Seifert, was forced out.

(Noor Zainab Hussain reported from BENGALURU; Editing by Louise Heavens and Keith Weir)

By Simon Jessop and Noor Zainab Hussain

Stocks treated in this article : Deutsche Boerse, London Stock Exchange
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BOERSE -1.43% 117.4 Delayed Quote.23.04%
LONDON STOCK EXCHANGE -0.59% 4541 Delayed Quote.20.43%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on DEUTSCHE BOERSE
07/20DEUTSCHE BOERSE : Börse wins four Global ETF Awards
PU
07/16DEUTSCHE BÖRSE AG : Preliminary announcement of the publication of financial rep..
EQ
07/13EU markets watchdog intervenes in share trading ahead of Brexit
RE
07/12DEUTSCHE BOERSE : More than 1,300 ETFs on Xetra
PU
07/09DEUTSCHE BOERSE : HFG Fotoförderpreis of the Deutsche Börse Photography Foundati..
PU
07/04DEUTSCHE BOERSE : Banque Internationale à Luxembourg partners with Clearstream t..
PU
07/03DEUTSCHE BOERSE : 104 ETFs Listed on Xetra During First Half
DJ
07/03DEUTSCHE BOERSE : High number of IPOs and ETF listings in the first half of the ..
PU
07/02DEUTSCHE BOERSE : DAX turns 30 – Frankfurt celebrates
PU
06/29DEUTSCHE BOERSE : AKASOL AG new at the Frankfurt Stock Exchange
PU
More news
News from SeekingAlpha
06/29GAIN Capital gets net proceeds of $85M for GTX ECN sale 
05/24Use Volatility To Your Advantage With These 3 Stocks 
05/17Deutsche Borse (DBOEY) Investor Presentation - Slideshow 
04/26Deutsche Boerse AG's (DBOEY) CEO Theodor Weimer on Q1 2018 Results - Earnings.. 
04/26Deutsche Boerse AG ADR reports Q1 results 
Financials (€)
Sales 2018 2 700 M
EBIT 2018 1 459 M
Net income 2018 960 M
Debt 2018 685 M
Yield 2018 2,27%
P/E ratio 2018 23,76
P/E ratio 2019 20,00
EV / Sales 2018 8,85x
EV / Sales 2019 8,20x
Capitalization 23 208 M
Chart DEUTSCHE BOERSE
Duration : Period :
Deutsche Boerse Technical Analysis Chart | DB1 | DE0005810055 | 4-Traders
Technical analysis trends DEUTSCHE BOERSE
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 117 €
Spread / Average Target -2,0%
EPS Revisions
Managers
NameTitle
Theodor Weimer Chief Executive Officer
Joachim Faber Chairman-Supervisory Board
Gregor Pottmeyer Chief Financial Officer
Richard David Antony Berliand Member-Supervisory Board
Hans-Peter Gabe Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
DEUTSCHE BOERSE23.04%27 075
CME GROUP15.61%58 236
INTERCONTINENTAL EXCHANGE INC7.37%44 467
HONG KONG EXCHANGES AND CLEARING LIMITED-3.14%36 918
INTERACTIVE BROKERS GROUP, INC.5.84%26 901
LONDON STOCK EXCHANGE20.43%20 622