LORD Levene of Portsoken unexpectedly quit the supervisory board of Deutsche Börse last night, vacating a seat that could prove a useful peace offering to rebel shareholders who want changes at the exchange.

Lord Levene, who only joined the supervisory board last May, said that his departure was “entirely amicable”. He denied suggestions that he had been asked to step down in order that his seat might be offered to rebel shareholders.

“This was entirely my decision,” he said. “The original kind invitation to me to join the board was primarily in order to provide advice and assistance in the company’s endeavours to buy the London Stock Exchange. Since this transaction is no longer proceeding, I believe that my contribution will be much more limited.”

Lord Levene’s sudden departure opens up a seat on the board at a time when the Börse’s biggest shareholder wants to overhaul the board.

The Children’s Investment Fund, which owns 8 per cent of the exchange but which claims to speak for a majority of shareholders, is threatening to call a vote of no-confidence in Rolf Breuer, chairman of the Börse, at its annual meeting.

Christopher Hohn, who runs the fund, is seeking to take control of the board. Mr Hohn claims that Herr Breuer ignored concerns about the proposed bid for the London Stock Exchange. He forced the exchange to drop its bid and to return cash to shareholders instead.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax