Deutsche Börse: double or quits

Rebel shareholders in Deutsche Börse are banking on much more than the German exchange dropping its proposed bid for the London Stock Exchange and returning its E700m of cash. Some of them – including TCI, Harris Associates and Capital Group – are also sitting on shares in the LSE’s rival suitor, Euronext. They may be betting that if Euronext is left as the sole bidder, it will nab the LSE on the cheap. The strategy is cunning, but risky. The investors’ biggest challenge will be to keep other r...