January 3, 2017 / 7:22 AM / 8 months ago

BRIEF-Euronext offers 510 mln euro for LSEG's French clearing unit

Jan 3 (Reuters) - London Stock Exchange Group Plc

* Proposed sale of LCH SA to Euronext NV

* Have received an irrevocable all-cash offer from Euronext NV ("Euronext") to purchase LCH SA, LCH Group's french-regulated operating subsidiary

* London Stock Exchange Group Plc ("LSEG") and LCH Group Limited ("LCH Group") announce today that they have received an irrevocable all-cash offer from Euronext N.V. ("Euronext") to purchase LCH SA

* LCH SA has commenced a period of consultation with its works council during which LSEG and LCH Group have granted exclusivity to Euronext.

* LSEG will use any proceeds it receives for general corporate purposes.

* Have been agreed with Euronext offering an all-cash consideration of 510 million euro to be adjusted for surplus regulatory capital movement between 30 June 2016 and completion of transaction

* Euronext has received support in favour of transaction from reference shareholders comprising 33.36 pct of Euronext share capital

* It would also be conditional on successful closing of merger.

* Following proposed transaction LSEG will continue to hold its other existing clearing assets Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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