NYSE Euronext – IntercontinentalExchange Merger Imminent

PUBLISHED: 18 Jun 2013 @ 22:58 | Comments (0) | More info about Kenneth G. Mondero

Almost six months after it was announced, the merger of commodities trading exchange IntercontinentalExchange (NYSE:ICE) and NYSE Euronext, the parent company of the New York Stock Exchange (NYSE), is nearing its completion to establish one of the largest trading markets operator in the world.

Reuters News Organisation has learned from its sources that the European Commission, EU’s antitrust watchdog, is set to announce on 24^th June 2013 that it is approving the merger ICE and NYSE Euronext.

News of the merger of the Atlanta-based ICE and Dutch firm NYSE Euronext was announced on 20^th December 2012, when both markets operators disclosed they have agreed to a US$8.2 billion acquisition of NYSE Euronext by ICE on a cash-and-stocks transaction.

Earlier this month, on 3^rd June, shareholders of both firms approved the merger, which will see NYSE Euronext 33% ownership of ICE post-transaction and ICE to effectively own its two centuries old rival in the trading markets business.

According to the Financial Times, the EC is expected to declare that the merger will not violate competition rules but rather the union will be that of complementary businesses.

No official statement from the either ICE of NYSE Euronext was released to confirm or deny the reports as of press time.

Shares of ICE, trading on the New York Stock Exchange, a subsidiary of the firm it is buying, closed 3.3% higher to US$178.87 on Monday, 17^th June, following the report.

Ahead of the union, ICE’s subsidiary ICE Clear Europe, is set to begin clearing NYSE Euronext’s London-based derivatives division NYSE Liffe.

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