More details revealed about proposed LSE and Deutsche Borse merger

London Stock Exchange Group and Deutsche Borse revealed more information about their proposed merger on Friday, which involved the departure of London's CEO.

The announcement was in addition to the announcement on 23 February, and said that the combine group would be a UK public limited company domiciled in London.

London Stock Exchange Group in London and Deutsche Borse in Frankfurt would become intermediate subsidiaries of the combines group, and the group would have headquarters in London and Frankfurt.

The group wold seek a premium listing on the London Stock Exchange, and a prime standard listing on the Frankfurt Stock Exchange.

It would have a 'balanced governance structure' with equal representation from London Stock Exchange Group and Deutsche Borse, including Donald Brydon as chairman, Joachim Faber as deputy chairman and senior independent director, Carsten Kengeter as CEO and executive director, and David Warren as CFO and executive director.

The two companies had also establihed a joint committee, labelled the Referendum Committee, to advise on the implications of the vote by the UK electorate on that country's EU membership.

On completion of the transaction, Xavier Rolet would step down from his role as CEO of London Stock Exchange Group.

"Xavier has been the architect of LSEG's considerable value creation and has offered to retire in order to ensure the successful creation of the new group," said chairman Donald Brydon.

"The board of LSEG is indebted to Xavier for this action, which is consistent with his focus on putting the interests of shareholders and clients first. He has agreed to remain available to the new board to assist in any way to ensure an effective transition," he added.