Deutsche Boerse picks up stake in BSE
Friday, 16 February 2007, 06:00 Hrs
Mumbai: German stock market operator Deutsche Boerse picked up a 5 percent stake in the Bombay Stock Exchange for $42.7 million (1.89 billion). Announcing the agreement, BSE managing director and CEO Rajnikant Patel told reporters here that Deutsche Boerse picked up the stake at 5,200 per share. "Both stock operators have entered into a definitive agreement Wednesday and both entities will also explore ways of strengthening their collective competences across a broad spectrum of business areas," he said. "The BSE is open to tying up with other stock exchanges in the future too," Patel said. The Mumbai-based bourse is India's leading and Asia's oldest stock exchange. "The strategic partnership with the BSE is a very important step for us towards expanding Deutsche Boerse's activities in Asia," said Dueutsche Boerse CEO Reto Francioni in a statement.