NYSE CEO: 'Final Push' To Win Over EU Commissioners In Deutsche Deal
23 Dicembre 2011 - 9:13PM
Dow Jones News
The chief executive of NYSE Euronext (NYX) said efforts to
secure regulatory approval for the Big Board's planned merger with
Deutsche Boerse AG (DB1.XE, DBOEF) will focus on winning over
European Union commissioners set to decide the deal in the New
Year.
CEO Duncan Niederauer said he saw "continued momentum" for the
tie-up, though E.U. antitrust examiners have continued to harbor
reservations that the merged entity would hold too much sway over
European futures and options trading.
"After the holidays, we will commence our final push to convince
the College of Commissioners that our proposed deal is good for
Europe and does not impede competition," said Niederauer in an
email to his employees Thursday, which was filed with
regulators.
After weeks of back-and-forth with E.U. antitrust examiners and
several proposed remedies to ease concerns around derivatives
market domination, Deutsche Boerse and NYSE Euronext are seen next
taking their case directly to the E.U. commissioners that will vote
on the deal.
After the E.U. Competition Committee completes its examination
of the merger it will issue a recommendation to approve or block
it. The transaction then goes to a vote by 27 E.U. commissioners.
About 10% of prior mergers subject to an in-depth review and
rejected by antitrust examiners have still won approval from the
full college of commissioners.
To build support NYSE Euronext and Deutsche Boerse have been
lobbying political figures to back their deal, which they have
positioned as a European counterweight to U.S. futures giant CME
Group Inc. (CME) and other major competitors.
In recent days the exchanges also committed to freezing fees for
trading and processing derivatives contracts on their combined
platform for a period of three years, following a raft of potential
divestitures and other steps proposed to win support for the
deal.
Niederauer said the merger candidates are hopeful the proposed
fee cap would have a "positive impact on the policymakers who will
decide on the merger."
On Thursday the U.S. Department of Justice cleared the deal,
with the agreement that Deutsche Boerse would sell off its minority
stake in Direct Edge, a New Jersey stock exchange company that
competes directly with the NYSE.
-By Jacob Bunge, Dow Jones Newswires; 312 750 4117;
jacob.bunge@dowjones.com
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