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London Stock Exchange's CEO Clara Furse
"We believe that we are in a position of strength"
 real 56k

Thursday, 24 May, 2001, 07:18 GMT 08:18 UK
LSE to float in July
Exterior of London Stock Exchange
A restructuring will be followed by float in July
The London Stock Exchange has announced that it intends to float as a public company by the end of July.

"We have reached the point now where we are ready to move to a full listing, offering us the flexibility to pursue the strategy developed by [chief executive] Clara Furse and her team," said LSE chairman Don Cruickshank.

LSE Chief Executive Clara Furse
Clara Furse led the way to float
The LSE revealed its float plans as it reported an operating profit in the last year of £57.9m.

The float is expected to value the LSE at more than £1bn (1.7bn euros, $1.4bn).

Last year, the LSE held merger talks with the German exchange Deutsche Boerse but the negotiations fell through at the eleventh hour.

The UK exchange then went on to successfully fend off a hostile bid from Swedish market OM Group.

LSE reforms

As part of its reformation, the LSE said it plans to lift the 4.9% ceiling on share ownership, a move which would leave it vulnerable to takeover bids.

To make trade in LSE shares more liquid when it floats, the exchange said it intends to launch a 9-for-1 bonus issue of equity.

Clara Furse plans to extend the LSE's "services, scale and reach" to "become a world player through technology links and partnerships", said Mr Cruickshank.

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See also:

20 May 01 | Business
LSE 'ready to float'
05 Feb 01 | Business
Deutsche Börse surges on debut
24 Jan 01 | Business
New boss for London Stock Exchange
24 Jan 01 | Business
Clara Furse: A profile
15 Dec 00 | Review
Stock exchanges merge
02 Apr 01 | Business
LSE mulls City desertion
26 Apr 01 | Business
Nasdaq unveils flotation plans
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