NYSE Euronext stockholders approve merger with Deutsche Boerse
Most of the Deutsche Boerse stockholders are in favor of the deal, but some German labor unions are against the merger even if the German exchange will control majority of the seats in the combined company.
New York, NY, United States
July 7, 2011 09:17 pm EDT
Economy, Business And Finance, Financial And Business Service, Stock Broking, Economy, Business And Finance, Macro Economics, Stocks, Economy, Business And Finance, Company Information, Merger, Acquisition And Takeover
The $9.6-billion merger of NYSE Euronext with Deutsche Boerse is one step closer after 96 percent of NYSE shareholders tentatively approved the deal on Thursday.
The stockholders hold a 65.7 percent stake in the American stock exchange. The results are still preliminary. NYSE will release the final tally of the votes on Friday.
Although NYSE Euronext Chief Executive Duncan Niederauer expressed some disappointment with the low turnout of shareholders, he was happy with the approval of the buy-in. However, he acknowledged that more work needs to be done to complete the merger.
It includes convincing Deutsche Boerse shareholders, who have until July 13 to cast their ballot, to approve the sale, and securing the approval of national regulators of the two stock markets.
As of Wednesday, 11 percent of the Deutsche Boerse shareholders have voted, but majority prefer to wait for the result of the NYSE Euronext vote before they cast their ballots.
For the deal to be approved, 75 percent of the outstanding shares in the German stock exchange must give their consent to the merger.
Although Nuederauer said that most of the Deutsche Boerse stockholders he met are in favor of the deal, some German labor unions are against the merger even if the German exchange will control majority of the seats in the combined company. Their opposition is over fears that the interest of the NYSE would be placed ahead of Deutsche Boerse’s.
The deal was proposed in February, although at one point, it appeared that the competing bid from New York rival Nasdaq might prevail, U.S. regulators rejected such a deal because it would be anticompetitive.
A similar buy-in was initiated in February between the London Stock Exchange and the Toronto Stock Exchange, but the planned merger collapsed after operators of the Toronto bourse failed to get the required number of votes, although majority of shareholders approved the buy-in last month.
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