European Commission approved Takeover of NYSE-Euronext

Jun 26, 2013 15:26 IST

The European Commission (EC) on 26 June 2013 approved Inter Continental Exchange’s (ICE) proposed 8.2 billion dollars takeover of NYSE-Euronext.

The European Commission stated that ICE and NYSE-Euronext are not direct competitors in most markets and will be facing strong competition from other exchanges.

Inter Continental Exchange is based in Atlanta, Georgia and is popular as a commodities marketplace. It announced its stock-and-cash offer for NYSE—Euronext, valued at 33.12 dollars per share, in December 2012.

The deal is supposed to give ICE control of the New York Stock Exchange and London-based Liffe, Europe’s second-largest derivatives market. The combined ICE—NYSE Euronext will become the third-largest exchange group globally, behind Hong Kong Exchanges and Clearing and CME Group.

It is worth mentioning here that the Commission approval had been widely expected: after a joint bid for NYSE—Euronext by ICE and Nasdaq failedin year 2012. The ICE had proactively asked the Commission to examine the new bid.

The deal was approved by NYSE-Euronext shareholders earlier in June 2013 and is expected to close in the second half of 2013.

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