With the possibility of a merger between Euronext and Deutsche Borse again being discussed, the German exchange is saying it no longer contemplates a top position for Euronext’s Chief Executive, Jean-Francois Theodore.

‘You can’t want to give responsibility to someone who clearly wants to torpedo the operation,’ reports Agence France-Presse.

Earlier this week, Deutsche Borse put forward a modified merger offer, making some concessions to Euronext. But Euronext again flatly rejected the German group’s advances, says Forbes.

An unnamed supervisory board member told the German edition of the Financial Times that Theodore would not be nominated for the position as Chairman of the supervisory board.

“Deutsche Borse declined to comment on the future of Theodore within a merged group, with a spokesman only pointing out that the latest offer does not mention the Frenchman’s name. In May, the Frankfurt stock exchange had suggested appointing Theodore as head of the new group until 2008.”