We thought the Teutonic giant wouldn’t stay comatose for long. Spurred on, no doubt, by the dubious support of French President Jacques Chirac, Deutsche Borse has begun to think the unthinkable on a challenge to the American takeover of the pan-Continental exchange conglomerate, Euronext.

On Monday, the supervisory board of the German exchange meets to consider new proposals in the matter of Euronext. It’s thought the fresh suggestions include moving some operational areas from Frankfurt to Paris to assuage the nationalistic sensitivities of the French.

They would also embody a higher cash offer than previously made, reducing the proportion of shares in the bid.

If the board approves the plan, Deutsche Borse will place a new bid for the Paris-based company on the table. Some shareholders in Euronext are known to favour a European solution, but NYSE may well be pushed to up its offer. This is not over yet.