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Last Updated: Wednesday, 25 May, 2005, 11:28 GMT 12:28 UK
Deutsche Boerse faces investors
Deutsche Boerse
Deutsche Boerse is looking for replacements at the top
Deutsche Boerse shareholders piled into the Frankfurt stock market's first annual general meeting since its failed bid to buy the London Stock Exchange.

It comes just over a fortnight after shareholders opposed to the bid ousted the exchange's top two bosses.

Interim boss Mathias Hlubek told investors that acquisitions remained part of the exchange's business plan.

But he gave no hints on who would eventually run Deutsche Boerse or what its strategy would be.

Deutsche Boerse shareholders are expected to press the company for details on its future direction.

Defending the idea of further takeover attempts, Mr Hlubek said: "Partnerships and acquisitions will remain a necessary dimension for the company's further development and will add value for you."

Opposition

Former chief executive Werner Seifert quit his job at Deutsche Boerse on 9 May after plans for a 1.3bn ($2.5bn) takeover of the LSE drew widespread opposition from investors.

Supervisory board chairman Rolf Breuer is to step down at the end of this year after finding a successor for Mr Seifert.

He will also appoint four new members of the board, in a move expected to give foreign investors a bigger say in the running of the company.

Shareholder opposition to the LSE bid was led by UK hedge fund TCI.

TCI's Christopher Hohn is attending the meeting, but is not expected to make a speech.

The departure of Mr Seifert, who is not at the AGM, risks leaving Deutsche Boerse rudderless at a time when rival European stock market operator Euronext is making its own bid for the LSE.

Euronext already combines the stock exchanges of Paris, Brussels, Amsterdam and Lisbon, and also runs the London-based international derivatives market Liffe.

Some analysts now believe that Deutsche Boerse itself could become a takeover target for Euronext.


SEE ALSO:
Deutsche Boerse chief quits post
09 May 05 |  Business
D Boerse ditches LSE bid plans
07 Mar 05 |  Business
Deutsche Boerse boosts dividend
22 Feb 05 |  Business
Market merger would boost Euronext
20 Dec 04 |  Business
Euronext trumpets LSE bid savings
09 Feb 05 |  Business
Investor threatens German LSE bid
16 Jan 05 |  Business


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