NEW YORK (TheStreet) -- Once Deutsche Boerse completes its takeover agreement with NYSE Euronext (NYX), the parent of the New York Stock Exchange, the 17-member board of the combined firm will mostly be drawn from the Germany company, The Wall Street Journal reports.
The combined company's board is likely to be divided to reflect the roughly 60% stake that would be held by current shareholders of Deutsche Boerse if the deal is completed, a person familiar with the matter told the newspaper. That would mean 10 directors from Deutsche Boerse and seven from NYSE Euronext.
The new board is expected to have a one-tier structure, according to a person familiar with the situation, the Journal reports, noting that a two-tier structure is more common at German companies.
Duncan Niederauer, chief executive of NYSE Euronext, is likely to be CEO of the new company, which will be the world's largest exchange operator.A formal announcement of the deal is expected Tuesday between 8:30 a.m. and 9:30 a.m. EST, the Journal says. A news conference has been tentatively scheduled for 10 a.m. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV