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CME Group bids for LSE's French clearing business -Sunday Times

Reuters - UK Focus

CHICAGO, Nov 28 (Reuters) - CME Group Inc (NasdaqGS: CME - news) has submitted a bid to buy the London Stock Exchange (Other OTC: LDNXF - news) 's French clearing business for more than $340 mln pounds (400 million euros), the Sunday Times reported, setting the stage for a potential battle over the division.

Representatives for CME and LSE declined to comment to Reuters on Monday.

France's stock market operator Euronext (Euronext: ENX.LS - news) has previously held talks with LSE about buying the British bourse's clearing business in France, sources familiar with the negotiations told Reuters last month.

Clearing forms a critical part of the financial system's plumbing, guaranteeing a trade is completed even if one side of the transaction goes bust.

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LSE has put the division up for sale to help get its $28 billion merger with Deutsche Boerse (IOB: 0H3T.IL - news) approved by European competition authorities.

LSE is expected to find a buyer by year's end, the Sunday Times said. It added that U.S. stock exchange Nasdaq (Frankfurt: 813516 - news) was also considering a bid.

Nasdaq declined to comment to Reuters. (Reporting by Tom Polansek in Chicago, Noor Zainab Hussain in Bengaluru and John McCrank in New York; Writing by Tom Polansek; Editing by David Gregorio)