DTCC faces rival bid for LCH.Clearnet

The Depository Trust & Clearing Corporation has pushed back the deadline for its takeover talks with LCH.Clearnet, in the face of a rival bid from a group of major dealers. The two sides entered into a non-binding merger agreement on October 22 last year, under which DTCC offered to pay LCH.Clearnet shareholders around $12.50 a share. However, the March 15 deadline for concluding discussions on the merger was put back until March 31, an official at the DTCC said. BNP Paribas, Deutsche Bank, HSBC, JPMorgan, RBS, Societe Generale, UBS and Icap have joined forces to make a counter-offer - although to date no firm offer has been made by the consortium.

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