NYX Nyse Euronext

The European Union's antitrust chief Thursday defended the decision to block a proposed merger between NYSE Euronext (NYX) and Deutsche Boerse AG (DB1.XE), reiterating it would have resulted in a "quasi monopoly" that would have harmed consumers.

Joaquin Almunia, the EU's competition commissioner, said the decision was proof of how seriously the EU takes competition regulation.

"The latest proof of our continued vigilance is in today's papers. Yesterday, the European Commission prohibited the proposed merger between Deutsche Boerse and New York Stock Exchange - Euronext," he said.

Almunia said the decision was a rare one. "I rarely have to propose the prohibition of a merger; since I took office, this is the second time. This means that I do not do so lightly; but I have done and will continue to do so whenever necessary," he said.

The proposed US$18.1 billion tie-up had been in the hands of EU competition officials for the past 18 months, before the announcement of their decision Wednesday.

Almunia said the EU had tried to reach an agreement with the two companies involved, but in the end their offers had been insufficient to quell concerns that the merger would result in an unacceptable outcome.

"We tried to find a solution with the two companies; but unfortunately the remedies they proposed were too limited," he said.

-By Matina Stevis, Dow Jones Newswires; 0032-0-499646573; matina.stevis@dowjones.com

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