NYSE CEO: On Track With Merger Regulatory Approval
01 Giugno 2011 - 5:29PM
Dow Jones News
NYSE Euronext (NYX) Chief Executive Duncan Niederauer Wednesday
assured investors that regulatory approval for its merger with
Deutsche Boerse AG (DB) was on track, although full approval isn't
expected until the fourth quarter.
"I promise you we're on schedule on the regulatory side,"
Niederauer told investors at an event held near Frankfurt.
The two exchanges, which agreed in February to merge to create
the world's largest cash and derivatives trading platform, have
already received regulatory approval for their tie-up from the
Securities and Exchange Commission and German financial regulator
BaFin, Niederauer said. A second request for approval has been
filed to the Department of Justice, and discussions with the
European competition authorities have had a "very constructive tone
so far."
Niederauer said his focus in the month ahead was getting
approval for the deal from regulators and shareholders. NYSE
shareholders will vote on the merger proposal on July 7, and
Deutsche Boerse shareholders have until July 13 to tender shares in
a merged company.
Niederauer told investors that integration efforts were moving
ahead of schedule, as the two exchanges set up project offices,
work out issues tied to integrating their IT and further detail
synergies.
Niederauer further said he and the Deutsche Boerse CEO had
decided 2011 was the "right time" for a merger, following several
years of discussions.
By William Launder and Jacob Bunge, Dow Jones Newswires;
+49(0)6929725515; william.launder@dowjones.com
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