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IPE Considers Its Future

Date 24/03/1999

The Board of Directors of the IPE on Tuesday March 23 reviewed the future of the Exchange. The IPE is currently in discussions with a number of large and well-respected companies involved in the European energy business, with a view to those companies offering to acquire a large stake in the Exchange. This could follow the conversion of the IPE into a company limited by shares. The IPE is also in discussions with NYMEX, the New York Mercantile Exchange, about a possible merger. The Board agreed that there would be a meeting in the week of March 29 where these alternatives would be discussed further. Any change to the structure of the IPE would need to be approved by the Exchange's Membership. Lord Fraser, Chairman of the IPE, said, "The IPE is at a crossroads. It is important that we consider all of the possible alternatives for the Exchange before coming to any final decision about a change in direction. We are a growing dynamic exchange with a lot to offer the energy and futures industries and it is not surprising that a number of different companies are interested in playing a role in our business".