Euronext, the pan-European exchange, today unveiled its potential bid for the London Stock Exchange, claiming savings of €203m ($259m) but indicating no bid price. Its plan will give LSE users 10% fee cuts, the exchange will continue to be regulated in the UK and Euronext will seek a dual listing in London and Paris.

Euronext said it has agreed with eight banks to provide financing. Advisers ABN Amro, Morgan Stanley and UBS will form part of the banking syndicate with Barclays, BNP Paribas, Calyon, HSBC and SG.