Euronext will only succeed in buying the London Stock Exchange if it abandons its plans to use cash in favour of an all-share deal, according to analysts.

One European analyst said: "An all-share deal would allow Euronext to overcome its shareholders' concerns. Investors don't want to pay a premium in terms of a cash bid, so this way would be much more attractive." He added that the likelihood of Euronext completing a deal was "50-50".