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NYSE Euronext and Deutsche Boerse reveal merger details | NYSE Euronext and Deutsche Boerse reveal merger details |
(about 6 hours later) | |
NYSE Euronext and Deutsche Boerse have formally announced their plan to merge, in a move that will create the world's largest stock exchange operator. | NYSE Euronext and Deutsche Boerse have formally announced their plan to merge, in a move that will create the world's largest stock exchange operator. |
The newly-combined company will have headquarters in both New York and Frankfurt. | The newly-combined company will have headquarters in both New York and Frankfurt. |
NYSE Euronext's chief executive Duncan Niederauer will take the the role of chief executive at the yet-to-be-named company. | NYSE Euronext's chief executive Duncan Niederauer will take the the role of chief executive at the yet-to-be-named company. |
Reto Francioni, chief executive of Deutsche Boerse, will become chairman. | Reto Francioni, chief executive of Deutsche Boerse, will become chairman. |
At the close of New York trading, NYSE shares were down 3.4% at $38.12, while Deutsche Boerse shares were 2.4% lower. | |
Deutsche Boerse will own 60% of the combined group, which will have a combined net revenue of $5.4bn (£3.4bn). | Deutsche Boerse will own 60% of the combined group, which will have a combined net revenue of $5.4bn (£3.4bn). |
Fresh access | Fresh access |
The two exchanges have faced increasing competition from newer exchanges who cater to dominant high-speed electronic traders. | The two exchanges have faced increasing competition from newer exchanges who cater to dominant high-speed electronic traders. |
"This transaction brings together two of the most respected and successful exchange operators," said Mr Francioni. | "This transaction brings together two of the most respected and successful exchange operators," said Mr Francioni. |
"Clients will have unparalleled access to markets, products, information, world-class technology, clearing services and settlement." | "Clients will have unparalleled access to markets, products, information, world-class technology, clearing services and settlement." |
The deal is subject to acceptance by a majority of NYSE Euronext shareholders, 75% of Deutsche Boerse shareholders and the approval of regulators in the US and Europe. | The deal is subject to acceptance by a majority of NYSE Euronext shareholders, 75% of Deutsche Boerse shareholders and the approval of regulators in the US and Europe. |