UPDATE: Deutsche Boerse Wins 82% Backing For NYSE Euronext Deal
15 Luglio 2011 - 9:44PM
Dow Jones News
Deutsche Boerse AG (DBOEF, DB1.XE) reported Friday that 82.4% of
its shares had been tendered in favor of the planned combination
with NYSE Euronext (NYX), solidifying stockholder approval secured
Thursday.
The Frankfurt-based exchange company also scheduled an
additional tender period to run from July 19 through Aug. 1 for any
shares untendered in the prior period, which wrapped up on
Wednesday.
Shareholders of Deutsche Boerse must tender shares to receive a
planned EUR2 special dividend put forth in June as an added
incentive to encourage backing from the exchange companies'
investors.
Deutsche Boerse reported Thursday that shares tendered in favor
of the merger topped the 75% threshold necessary for approval.
"We are pleased that such a large majority of our shareholders
has not only enabled the planned combination between Deutsche
Boerse and NYSE Euronext by tendering shares but has also confirmed
our mandate to implement the related strategic targets," Deutsche
Boerse Chief Executive Reto Francioni said in a statement.
Shares of Deutsche Boerse on Friday closed 2.3% higher at EUR54.
Its U.S.-traded equity was up 1.6% at $75.45. NYSE Euronext shares
were 1.1% higher at $34.19.
Now that they have investor support in hand, executives of the
two exchange groups now will focus efforts on an antitrust review
being conducted by the European Union, seen as the most significant
of more than 40 separate regulatory clearances required to seal the
pact agreed in February.
"The various regulatory and anti-trust reviews will likely
continue until the end of the year. As a result, Deutsche Boerse AG
does not expect the transaction to close before year-end,"
representatives of the company wrote in a statement Friday.
A spokesman for Deutsche Boerse later said that the deal
timeline remains on track for an anticipated closing in late
December, after regulators are seen finishing an extended review of
the combination.
-By Jacob Bunge, Dow Jones Newswires; 312 750 4117;
jacob.bunge@dowjones.com
--Ulrike Dauer contributed to this article.
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