This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NYSE Shareholders Approve Merger

NEW YORK ( TheStreet) - Shareholders of the NYSE Euronext (NYX) voted overwhelmingly in favor of the merger with Deutsche Borseon Thursday, in effect agreeing to cede control of the American icon of capitalism to the German stock exchange.

Over 96% of the votes were cast in favor of the merger. Deutsche Borse will get a near 60% stake in the merged entity and 10 out of the 17 board positions. The merger has, however, been touted as a merger of equals, with CEO Duncan Niederauer continuing to run the combined entity.

"This approval is an important milestone in our path to completing this combination, bringing us one step closer to creating the premier global venue for capital raising and a world leader in derivatives and risk management," Niederauer said in a statement.

The merger is still subject to the approval of shareholders of the German stock exchange. A 75% acceptance level will be required for the merger to go through. The acceptance period during which shareholders of Deutsche Boerse can tender their shares in exchange for shares in the new combined company will end next week, on July 13.

A still bigger hurdle could come from the anti-trust review by European regulators, who might be concerned that the combined entity will have a near monopoly on exchange-traded derivatives.

--Written by Shanthi Bharatwaj in New York



To contact the writer of this article, click here: Shanthi Bharatwaj.

>To follow the writer on Twitter, go to http://twitter.com/shavenk.

>To submit a news tip, send an email to: tips@thestreet.com.

RELATED STORIES:


Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
NYX $0.00 0.00%
AAPL $127.98 0.30%
FB $83.74 0.78%
GOOG $537.50 0.40%
TSLA $205.27 0.00%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs