The London Stock Exchange this morning rejected a £1.48bn (€2.2bn) indicative offer from Australia's Macquarie Bank. The move came after Macquarie last night made a takeover approach of 580p a share, a 5% discount to the LSE's share price yesterday.

``The Board of London Stock Exchange rejects outright this derisory proposal which fundamentally undervalues the company and lacks any strategic or commercial credibility,' LSE said in a Regulatory News Service statement today.