Landslide of support for the LSE merger plan

An overwhelming majority of London Stock Exchange shareholders has backed its tie-up with German rival deutsche Boerse.

At a meeting in London, 99.89pc of votes cast by LSE shareholders approved the £21bn deal, which both sides claim is a ‘merger of equals’.

But it will see deutsche shareholders control 54.4pc of the combined group and its chief executive take the top job. The company will also report its profits in euros following the tie-up.

Critics fear that the 215year-old LSE is effectively falling into German hands – threatening jobs and investment in London.

The deal was thrown into doubt by Britain’s vote to leave the European union with regulators in Germany unhappy that the headquarters will be in London – and therefore outside the Eu.

It is thought a compromise could involve moving the parent company to a different country within the European union such as the netherlands.

The company insisted that the merger was good value for shareholders.

German investors are due to vote on the deal later this month. The merger also needs to be approved by regulators.

LSE shares dipped 1.1pc, or 30p to 2493p.