It was a close call: At the last minute, the shareholders of Deutsche Börse gave a green light for the merger with the London Stock Exchange (LSE).
But the biggest challenge still lies before Deutsche Börse’s chief executive Carsten Kengeter.
First, the competition watchdogs of the European Commission must decide whether the deal endangers competition in Germany. Their reservations already doomed his predecessor Reto Francioni’s plans to merge with the New York Stock Exchange. But concessions such as separating some areas of business could well defuse opposition in Brussels.