Poison pill that killed off the merger | Business


 The Times

Few would have known it at the time, but a decade ago the London Stock Exchange swallowed a poison pill. In 2007 the LSE merged with Borsa Italiana, the operator of the Milan stock exchange, and in the process gained a controlling stake in MTS.

Società per il Mercato dei Titoli di Stato was Europe’s first electronic bond market when it was founded by the Italian government back in 1988 and had by the time the LSE acquired it grown into one of the largest fixed-income exchanges for government debt.

Late on Sunday the LSE shocked the City when it warned that its deal had hit a stumbling block with the European Commission. That obstacle was MTS.

For the deal to go ahead the LSE…

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