LSE earnings boosted by Italian banks Xavier Rolet, LSE chief executive, said: "Our diversification strategy continues to pay dividends and the breadth and balance of our offering gives our portfolio a good element of natural hedge." Peter Lenardos, an analyst at RBC Capital Market, warned the LSE could face difficulties convincing LCH.Clearnet shareholders to approve its £1bn offer. He said uncertainty over the proposed Deutsche Boerse/NYSE Euronext merger could scupper the LSE's plans. Deutsche Boerse and NYSE Euronext, which agreed a $9bn (£5.7bn) merger last year, are currently awaiting a decision from the European Commission that will determine whether the deal goes ahead or has to be scrapped. In the past, NYSE Euronext has said that it wants to own a clearing house. Part of the rationale for the Deutsche Boerse merger is that the German group owns Eurex Clearing. "If I were a LCH.Clearnet shareholder I'd want to wait a couple of weeks to see if NYSE Euronext came in with a rival bid," Mr Lenardos added.