NYX Nyse Euronext

Deutsche Boerse AG (DB1.XE) and NYSE Euronext are nearing a decision on whether to launch a legal challenge to the European Union's prohibition of their merger deal, according to a senior Deutsche Boerse executive.

The exchange groups have been discussing the matter and must take a decision on such a challenge within two months and 10 business days of the European Commission's Feb. 2 formal notification that it would block the $18 billion combination.

NYSE Euronext and Deutsche Boerse have scrapped their merger plan. The goal of any legal challenge would be to overturn the definition of the derivatives market that proved the deal's undoing, said Andreas Preuss, deputy chief executive of Deutsche Boerse.

Contesting the E.U.'s determination would seek to "reach as much of an annulment [of the market definition] as possible," said Preuss, speaking at a press event Tuesday.

Deutsche Boerse's executive board will make the decision on whether to pursue a challenge. Observers have seen such an effort potentially taking years.

-By Jacob Bunge, Dow Jones Newswires; 312 750 4117; jacob.bunge@dowjones.com

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