European regulators have approved proposals for pan-European
bourse operator Euronext to merge with the New York Stock
Exchange to form the first transatlantic bourse. The approval
is conditional on the submissions Euronext and its subsidiaries
need to make to national authorities, chairmen''s committee
of Euronext regulators said.
approval was based on the documentation made available
during the assessment process and on the various assurances
and commitments provided by NYSE Euronext Inc. and Euronext
N.V.," the regulators said in a statement.
offer document filed by NYSE Euronext Inc, the vehicle
set up by New York Stock Exchange for the merger, reaffirmed
the offer of 0.98 new NYSE Euronext shares plus 21.32
euros in cash for each Euronext share, or alternatively
the equivalent of 1.2633 NYSE Euronext shares or 95.07
euros in cash.
shareholders had approved the merger plan overwhelmingly
in December after rejecting a rival offer from Deutsche
Boerse, incurring the wrath of some shareholders as well
as top European politicians who favored a pan-European
of Euronext, which operates the Paris, Amsterdam, Brussels
and Lisbon bourses and the Euronext.Liffe derivatives
exchange, were up 3.3 per cent at 98 euros.