Interdealer broker ICAP has confirmed it is an equal member of a consortium of financial institutions that is considering making a bid for European clearing house LCH.Clearnet.
“Discussions are at a very preliminary stage, and there can be no certainty that such an offer will be made,” the firm said in a statement. “A further statement will be made if and when appropriate.”
LCH.Clearnet said it has received a preliminary approach about an offer for the company from the consortium, but has not so far received a formal offer.
A bid, if it emerges, would pit the consortium against US clearing house The Depository Trust & Clearing Corporation (DTCC), which entered a non-binding agreement to buy the LCH.Clearnet in October. Under DTCC’s offer, LCH.Clearnet shareholders would receive total consideration of up to €739 million (€10 a share). DTCC plans to merge LCH.Clearnet with its existing European clearing operation, EuroCCP.
LCH.Clearnet said discussions and due diligence with regard to the DTCC offer are continuing.
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