Thursday, October 26, 2006
Deutsche Boerse's proposal for a merger with Euronext faced opposition yesterday from financial services lobby groups in London, The Independent
Apcims, which represents stockbrokers, and Liba, representing the major investment banks, think the European Competition Commission should examine the Deutsche Boerse proposals, according to the report.
The item quoted Apcims chief executive Angela Knight, who said there is a danger that a merger of Deutsche Boerse would mean the closure of Euronext�s Liffe derivatives exchange, which is based in London. Liba chairman Alan Yarrow said the European Commission's stage-one inquiry is too brief to properly examine the proposed deal. The comments make a full regulatory investigation into the proposed merger almost inevitable, the newspaper commented.
Euronext prefers a merger with the New York Stock Exchange (NYSE), the report said. The pan-European exchange has said that an inquiry into the Deutsche Boerse proposals, which could drag on for over a year, might call into question the feasibility of the proposed merger. Euronext is planning to ask its shareholders to vote for a merger with NYSE at an EGM in December, the item noted.
The item quoted a source who said NYSE is still being pressed to improve its offer for Euronext, specifically as regards equal board representation at the enlarged group. Euronext�s market capitalisation stands at EUR 9.25bn
SourceIndependent"
The item quoted Apcims chief executive Angela Knight, who said there is a danger that a merger of Deutsche Boerse would mean the closure of Euronext�s Liffe derivatives exchange, which is based in London. Liba chairman Alan Yarrow said the European Commission's stage-one inquiry is too brief to properly examine the proposed deal. The comments make a full regulatory investigation into the proposed merger almost inevitable, the newspaper commented.
Euronext prefers a merger with the New York Stock Exchange (NYSE), the report said. The pan-European exchange has said that an inquiry into the Deutsche Boerse proposals, which could drag on for over a year, might call into question the feasibility of the proposed merger. Euronext is planning to ask its shareholders to vote for a merger with NYSE at an EGM in December, the item noted.
The item quoted a source who said NYSE is still being pressed to improve its offer for Euronext, specifically as regards equal board representation at the enlarged group. Euronext�s market capitalisation stands at EUR 9.25bn
SourceIndependent"
