The London Stock Exchange and  Deutsche Börse have agreed terms for a merger, which will create one the largest exchanges internationally with a combined value of around £21 billion. Under the terms of the deal, LSE shareholders will own 45.6% of the new holding company while Deutsche Börse shareholders will own 54.4%. According to reports, Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is still considering a rival bid, despite the announcement, as it can bid in cash as opposed to Deutsche Börse’s all-stock offer.