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UK's Osborne says not worried by German bid for LSE

Reuters - UK Focus

LONDON, May 11 (Reuters) - British finance minister George Osborne said on Wednesday he did not have concerns at the prospect of a German company taking over Britain's London Stock Exchange Group.

Asked by a lawmaker if he was worried about the $30 billion deal between Deutsche Boerse (LSE: 0H3T.L - news) and LSE on the grounds of nationality, Osborne said: "No I am not, and one of the remarkable things about the UK and by extension the European Union is that we have benefited enormously from the single market in financial services.

"Some very large German companies and French companies base their operations in the UK rather than in Frankfurt.... I think the company itself has said that the 'topco' would be located in the UK. Britain's strength has always been as a centre of European as well as global finance."

Deutsche Boerse and LSE announced in February they were in talks to create the world's biggest exchange by revenue. (Reporting William Schomberg, editing by David Milliken)