NYX Nyse Euronext

German exchange operator Deutsche Boerse AG (DB1.XE) Wednesday said more than 95% of shares had been tendered in favor of its planned tie-up with NYSE Euronext (NYX), removing a major potential obstacle to a deal that would create the world's largest cash equities and derivatives trading platform.

The exchanges hope to complete the merger by the end of this year, but further hurdles remain. Regulatory approval in a number of jurisdictions is still required, and the European Commission is this week also likely to launch an in-depth probe into the tie-up, which could extend into next year.

Deutsche Boerse said the figure for shares tendered in favor of the deal by the 2200 GMT Monday deadline, which ended the additional tender period, is preliminary and no decision had been made on whether or when a squeeze-out of the remaining shares will be carried out.

The final acceptance rate will likely be published later Wednesday. If the final acceptance rate also exceeds 95%, remaining shareholders may still tender their shares under the same conditions within a three-month period, or by 2300 GMT Nov. 4.

The additional tender period ran from July 19 through Aug. 1 for any shares untendered in the prior period that ended July 13. In the earlier period, the Frankfurt-based exchange company had already secured 82.4% of stockholder approval, surpassing the 75% threshold.

NYSE Euronext shareholders voted in early July to back the deal.

Shareholders of Deutsche Boerse had to tender shares to receive a planned EUR2 special dividend, which was announced in June as an added incentive to encourage the backing of the exchange companies' investors.

The European Commission, the executive arm of the European Union, said in late June that it will decide by Aug. 4 whether to clear the merger or launch a second-stage probe that industry experts say could extend into 2012. An in-depth probe is likely.

The two companies require the green light from more than 40 global regulators as well as shareholders, but the Commission is viewed as key because the proposed deal would combine their European derivatives platforms--Liffe and Eurex--raising the potential of a near-monopoly on interest-rate and stock-index futures trading and clearing in the region.

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com

(Jacob Bunge contributed to this article.)

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