The Moscow Interbank Currency Exchange (MICEX) stock exchange has asked Credit Suisse and Morgan Stanley to make a new valuation of the RTS Stock Exchange with which it may merge, MICEX Board Member Sergei Shvetsov said on Tuesday.
"This is not a quick process. It requires a clear evaluation of a synergy effect, if any. The financial issue is not that important for us, what's important is the improvement of infrastructure efficiency and cost cuts for participants," he told reporters, adding the previous estimate had not satisfied both bourses.
"Financial terms of the deal were not discussed. When the terms are ready, they will be offered to MICEX shareholders for discussion."
He said that since there would be no functional overlap of the bourses, staff reductions and cost cuts could be made.
"Everybody is ready, but everything depends on price," Shvetsov said, when asked whether all RTS shareholders were ready to accept MICEX's proposal.
MOSCOW, December 14 (RIA Novosti)
