Finance Watch -- WSJ
June 23 2016 - 2:02AM
Dow Jones News
EXCHANGES
Deutsche Börse, LSE Deal Backed
The proposed $30 billion merger of Deutsche Börse AG and London
Stock Exchange Group PLC has won backing from two influential
shareholder-adviser services, even if Britain votes to leave the
European Union.
Institutional Shareholder Services Inc. and Glass, Lewis &
Co. in recent days sent notices to LSE investors supporting the
deal, asserting that the stock-exchange operators are a good fit.
The recommendations by ISS and Glass Lewis are significant because
LSE needs 75% of its shareholder base to approve of the transaction
at a meeting July 4.
"We consider the strategic underpinnings [of the merger as]
relatively straightforward," Glass Lewis said, adding LSE investors
shouldn't base their vote on the uncertainties associated with the
Brexit referendum Thursday. ISS urged LSE investors to support the
transaction because the "rationale to merge to create the largest
exchange group by income is compelling."
--Eyk Henning
AMERICAN EXPRESS
Move Seeks to Boost Use of Chip Cards
American Express Co. said it would limit the costs of fraudulent
credit-card transactions for U.S. retailers as they upgrade their
systems to begin accepting chip cards.
Visa Inc. and MasterCard Inc. recently said they would speed up
the certification process of chip-reading checkout terminals and
limit costs to merchants during the transition from old cards with
magnetic stripes.
AmEx's announcement follows widespread complaints from
merchants. As of last October, retailers that didn't make the
transition to chip cards have been on the hook for counterfeit
transactions that previously were covered by card-issuing
banks.
Tess Stynes
(END) Dow Jones Newswires
June 23, 2016 02:47 ET (06:47 GMT)
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