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Deutsche Boerse's 530p per share bid for the London Stock Exchange was rejected leaving room for a higher offer from Euronext or the Frankfurt group.

The LSE claims that Deutsche Boerse's bid "undervalues its business and its opportunities for growth".

A Guardian Unlimited story says:

"Under pressure from his own shareholders and local politicians, Werner Seifert, chief executive of Deutsche Brse, admitted that if the deal were successful about 45% of the combined business would be run from London - most likely by his LSE counterpart Clara Furse. Ms Furse, he said, had been offered the role of running the combined share business of Frankfurt and London, but had not given him an answer other than a 'fine smile'.

With another 30% of the operation run from Luxemborg, this suggests that Frankfurt would be a smaller centre. Mr Seifert said: 'This is not about London v Frankfurt. This about first constructing and then running the equity market of choice in Europe'."

Euronext is making a submission to the Office of Fair Trading regarding its bid plans.

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