LSE/Borsa Italiana: No retreat

Nasdaq has finally reacted. The London Stock Exchange’s largest shareholder said nothing last month, when the LSE said it was buying its Italian counterpart, Borsa Italiana, in an all-share deal which would have reduced Nasdaq’s stake to 22%. But yesterday Nasdaq used its 30% holding to block a resolution allowing its London rival to issue up to 33% of new shares. That vote of no confidence will surely rattle LSE’s management. But it won’t derail LSE’s takeover of the Borsa. Yesterday’s vote isn...