This has not been a banner year for Rolf Breuer, chairman of Deutsche Bank. First, he presided over the chaotic collapse of a planned merger with Dresdner, a Frankfurt rival. Then, this week, Deutsche Boerse, Frankfurt's stock exchange, which Mr Breuer also chairs, saw its own merger plans fall apart. On September 12th, the London Stock Exchange (lse), its prospective partner, ditched the deal. It said it was dropping the merger to concentrate on defending itself against a takeover bid from om Group, which runs the Stockholm stock exchange.
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