Deutsche Boerse rises as TCI takes 5% stake

Allfunds

18/05/2026 11:31

** Deutsche Boerse DB1Gn.DE up 2.7% after TCI discloses a 5.15% stake in the German exchange operator, in a move more than 20 years after the hedge fund blocked its bid for the London Stock Exchange LSEG.L

** That fuels market chatter about what the investor could be aiming for this time

** Jefferies suggests TCI might push for Deutsche Boerse to withdraw its Allfunds ALLFG.AS bid, or for material capital returns, governance changes or operational improvements

** "To be clear, we have no visibility as to why TCI has built up a position in Deutsche Boerse. On the basis of prior campaigns, incl. LSE, one could envisage TCI pushing back against the strategic logic of the combination," the broker says

** A source says TCI has no plans for activism and is a long-term investor in Deutsche Boerse, which says it welcomes TCI taking a stake

** Shares of Deutsche Boerse are among the top gainers of the German main index .GDAXI

 (Reporting by Simon Ferdinand Eibach)

 ((Simonferdinand.eibach@thomsonreuters.com))