BERLIN, Sept 13 (Reuters) - Deutsche Boerse said it has agreed to pay hefty fines for its role in allowing its chief executive to make share purchases which became the subject of insider trading allegations.
Deutsche Boerse CEO Carsten Kengeter made the share purchases shortly before the announcement of formal merger talks with London Stock Exchange and a subsequent sharp rise in Deutsche Boerse’s share price.
In July, the German exchange operator said that the Frankfurt prosecutor had offered a deal to settle the case for fines totalling 10.5 million euros ($12.5 million), but that it needed to deliberate on how to proceed.
On Wednesday it said it had decided to accept the fines but maintained that the allegations were unfounded in all respects.
$1 = 0.8415 euros Reporting by Victoria Bryan and Tom Sims; Editing by Susan Fenton