The Icap-led consortium of investment banks planning an offer for LCH.Clearnet is set to bid as much as €850m ($1.09bn) for the European clearer, offering shareholders at least a 10% premium on a rival bid from US giant the Depository Trust & Clearing Corporation.

The consortium, made up of the world's largest interdealer-broker and eight investment banks, as first reported by Financial News last week, is locked in talks about the possibility of bidding for LCH.Clearnet. The figure being discussed is about €110m better than the DTCC offer, according to people familiar with the matter.