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Euronext is competing with Deutsche Boerse to buy the London Stock Exchange which may result in an all out bidding war.

Euronext claims it would reduce fees for U.K. electronic stock trading by 10%.

"Euronext is the natural partner for LSE," said Euronext CEO, Jean- Francois Theodore.

The company has not mentioned what price it will offer for the LSE, but would go after a dual primary listing for itself in London as well as in Paris.

"This is the opening salvo in what is going to be a pretty protracted battle," Barclays Stockbrokers analyst Henk Potts said.

"Euronext believes its proposed structure would meet FSA requirements," the company said in a statement.

The FSA did however warn that a foreign takeover could possibly result in regulation changes.

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