The fund paid 90.75 euros a share; the stock now trades on the Frankfurt exchange at 91 euros, or about $102.15.

The Commerzbank index registered a 7.5 percent drop, and the Frankfurt exchange had to stay open an extra 30 minutes to handle the volume.

"If in the fine print it amounted to a takeover of the Frankfurt exchange by London, I could not support that," he said.

A spokesman for the Frankfurt exchange said that it had no plans to enter a bidding war.

The company went IPO on the Frankfurt exchange in 1999.

The stock, which trades on the Frankfurt exchange, is now at 488.5 euros.

The Frankfurt exchange closed down 1.5 percent on the day, compared with a loss of 7.2 percent Monday.

Though it has been "in liquidation" since 1952, its securities are still traded on the Frankfurt exchange.

Perhaps the hardest hit today was the Frankfurt exchange.

Until 1997, the restrictive rules of the Frankfurt exchange virtually prohibited new companies like EM.