Poland's treasury has called off the sale of a majority stake in the Warsaw Stock Exchange to Deutsche Börse and is instead planning an initial public offering.
Deutsche Börse, the London Stock Exchange, Nasdaq and Nyse Euronext were invited to bid for a stake of between 51% and 74% in the Polish exchange earlier this year.
The move was part of Poland's plan to raise 12 billion zloty ($3.9 billion) from the disposal of state assets this year.
The German exchange was the only one to make an offer but refused to meet extra guarantees on autonomy asked for by the Polish government in a letter sent last week, according to the Financial Times. The two sides also failed to agree on price.
The WSE may now list on the exchange although Austria's Wiener Boerse - initially not invited to bid - may make an offer for a stake. CEO Michael Buhl told journalists he is interested in acquiring a minority share in the central European rival.