London Stock Exchange Group plc and Deutsche Boerse vowed yesterday to press ahead with a £22 billion merger despite Britain’s vote to leave the European Union.

The exchanges said the outcome of the referendum did not change the strategic rationale of the merger and they would continue to seek regulatory approval for it.

“The combined group’s capabilities, including global reach, distribution network across Europe, Asia and America, brand strength, financial resources and deep customer relationships, remain well positioned to serve global customers irrespective of the result of the referendum,” they said in a statement.

Both boards urged shareholders to back the deal.

“We are convinced that the importance of the proposed combination of Deutsche Boerse and LSE has increased even further for our customers and will provide benefits for them as well as our shareholders and other stakeholders,” Deutsche Boerse chairman Joachim Faber said in the statement.

LSE shareholders are due to vote on the merger at a general meeting on July 4. Deutsche Boerse shareholders may tender their shares until July 12.

Shares in Deutsche Boerse fell 8.7 per cent by 0741 GMT, lagging a 7.4 per cent drop among German blue chip shares. LSE’s stock was down 12.8 per cent.

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