European stock exchange Euronext has announced that it would ask for shareholder approval on December 19 for a proposed takeover by acquirer NYSE Group, which operates the New York Stock Exchange that had proposed a $10-billion friendly takeover.

American stock exchanges have been keen to have a presence in Europe, where regulations are not as stringent as in the US, enabling companies to list more easily. Euronext operates stock exchanges in Paris, Amsterdam, Lisbon and Brussels and a derivatives market in London.

Euronext has called an extraordinary meeting on December 19 in Amsterdam to seek shareholder approval. In a statement Euronext said its board had recommended the merger to the shareholders. Earlier in June 2006, Euronext had accepted the NYSE Group''s takeover proposal.

Euronext will now have to seek a clearance for the merger from regulators in each of these countries.