New developments in the arena of exchange mergers. This news just in from Euronews.net:
Euronext investors have voted against backing a merger with Germany's Deutsche Boerse.The vote, at the AGM in Amsterdam, came hours after the Frankfurt exchange had unveiled a merger bid worth more than the one from the New York Stock Exchange.
Euronext CEO Jean-Francis Theodore has referred to the offer from NYSE as, "the most attractive combination". NYSE chief John Thain would also like to pursue a merger with Euronext, as the deal would give the NYSE entry into the European derivatives market (via Euronext-owned Liffe) and European share listings. It would also create a trans-atlantic market, solidifying the New York Stock Exchange's position as the world's preeminent financial exchange.
The above report noted that although the latest investor's vote makes NYSE the leading candidate to merge with Euronext, it is not binding. At some point a general meeting will have to formally vote after reviewing both bids.
Euronext investors have voted against backing a merger with Germany's Deutsche Boerse.The vote, at the AGM in Amsterdam, came hours after the Frankfurt exchange had unveiled a merger bid worth more than the one from the New York Stock Exchange.
Euronext CEO Jean-Francis Theodore has referred to the offer from NYSE as, "the most attractive combination". NYSE chief John Thain would also like to pursue a merger with Euronext, as the deal would give the NYSE entry into the European derivatives market (via Euronext-owned Liffe) and European share listings. It would also create a trans-atlantic market, solidifying the New York Stock Exchange's position as the world's preeminent financial exchange.
The above report noted that although the latest investor's vote makes NYSE the leading candidate to merge with Euronext, it is not binding. At some point a general meeting will have to formally vote after reviewing both bids.