As reported on Sunday, the supervisory board of Deutsche Borse has announced new concessions in its continuing bid to merge with Euronext.

The German exchange’s initial offer, valuing the pan-Continental conglomerate at around €8 billion (£5.5 billion), was rejected by the Euronext board, which opted for an agreed merger with the New York Stock Exchange.

After a board meeting last night Deutsche Borse presented a new set of proposals designed to create a federal structure, with power devolved to the constituent exchanges at Lisbon, Amsterdam, Brussels and Liffe, the London financial futures market.

The financial side of the bid remains the same, however, but a statement claimed that share-price movements since the terms had been announced meant that it was now higher than the NYSE offer.

The Times (London) reports:

The latest German offer proposes:

* A new Dutch company to own Euronext and the Börse.
* Regulation of the Euronext exchanges to remain where it is at present.
* The board to be drawn equally from both sides. The earlier boardroom structure strongly favoured the Germans.
* Divisional management to be split so that information services were run out of Amsterdam, equities from Paris and derivatives from London and Frankfurt, where the Börse already has Eurex, a strong derivatives operation.
* Leadership split between Amsterdam, Frankfurt and Paris.
* The Euronext trading platform NSC to be used for equities, while Liffe would use Eurex and abandon its Liffe.Connect platform.
* The Borsa Italiana in Milan, which is already negotiating to join Euronext, would be brought on board shortly.