BRUSSELS – The European Union has blocked the planned merger of Germany's Deutsche Boerse and the London Stock Exchange.
EU antitrust chief Margrethe Vestager said Wednesday that the deal would have created "a de facto monopoly in the crucial area of fixed income instruments," such as bonds.
The London exchange said last month that it couldn't commit to selling its majority stake in the electronic bond market MTS, which would have alleviated the EU's concerns.
The companies announced the deal in March 2016, three months before British voters decided in a referendum to leave the European Union. Both insisted that the deal made sense even in case of Brexit.
Shareholders in Deutsche Boerse, which operates the Frankfurt stock exchange, would have owned 54.4 percent of the holding company.