Euronext regulators approve merger with NYSE
12 January 2007
Mumbai: 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.
"This 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.
The 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.
Euronext 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 combination.
Shares 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.