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NYSE Euronext merger with Deutsche Boerse blocked by EU | NYSE Euronext merger with Deutsche Boerse blocked by EU |
(about 3 hours later) | |
NYSE Euronext's proposed merger with Deutsche Boerse has been blocked by the EU on competition grounds. | NYSE Euronext's proposed merger with Deutsche Boerse has been blocked by the EU on competition grounds. |
The proposed deal would have created the world's largest stock exchange operator. | |
However, the European Commission blocked the deal because it said it would have created a "near monopoly" in European financial derivatives. | However, the European Commission blocked the deal because it said it would have created a "near monopoly" in European financial derivatives. |
NYSE Euronext and Deutsche Boerse said they would now end the deal, which was announced in February last year. | |
"This is a black day for Europe and its global competitiveness on financial markets," said Deutsche Boerse chief executive Reto Francioni. | "This is a black day for Europe and its global competitiveness on financial markets," said Deutsche Boerse chief executive Reto Francioni. |
NYSE Euronext chairman Jan-Michiel Hessels said: "While we are disappointed and strongly disagree with the EU decision, which is based on a fundamentally different understanding of the derivatives market, it is now time to move on." | NYSE Euronext chairman Jan-Michiel Hessels said: "While we are disappointed and strongly disagree with the EU decision, which is based on a fundamentally different understanding of the derivatives market, it is now time to move on." |
NYSE said it would now resume a $550m (£347m) share buy-back programme. | NYSE said it would now resume a $550m (£347m) share buy-back programme. |
The European Commission said the planned tie-up would have controlled more than 90% of global trade in European financial derivatives. | The European Commission said the planned tie-up would have controlled more than 90% of global trade in European financial derivatives. |
"These markets are at the heart of the financial system and it is crucial for the whole European economy that they remain competitive," said EU Competition Commissioner Joaquin Almunia. | "These markets are at the heart of the financial system and it is crucial for the whole European economy that they remain competitive," said EU Competition Commissioner Joaquin Almunia. |
"We tried to find a solution, but the remedies offered fell far short of resolving the concerns." | "We tried to find a solution, but the remedies offered fell far short of resolving the concerns." |
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