The London Stock Exchange and German rival Deutsche Borse revealed plans to save more than €448m a year as they agreed a tie-up to create an exchange giant worth more than €26bn.
Billed as a “merger of equals”, the deal will see Deutsche Borse own 54.4% of the combined group and LSE shareholders the remaining 45.6%.
The pair pressed on with their all-share deal amid the threat of a possible rival bid from the owner of the New York Stock Exchange.
Intercontinental Exchange confirmed it was mulling a possible counter-offer earlier this month for the LSE, which owns index compiler FTSE and Borsa Italiana.
Chicago’s CME Group has also reportedly considered entering the fray.
The LSE and Deutsche Borse deal marks their third attempt to merge after previous moves failed in 2000, and 2004-5 when talks collapsed.
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