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NYSE Euronext shareholders approve Deutsche Boerse deal.

At a special shareholders meeting in New York, approximately 96.09 per cent of the shares present at the special meeting voted for the approval of the combination, representing 65.68 per cent of NYSE Euronext's outstanding common shares.

"We are delighted that our shareholders support the value inherent in this compelling combination with Deutsche Boerse and recognize the substantial benefits the combined company will be positioned to provide," said Jan-Michiel Hessels, Chairman of the Board of NYSE Euronext.

"This approval is an important milestone in our path to completing this combination, bringing us one step closer to creating the premier global venue for capital raising and a world leader in derivatives and risk management. I would like to thank our shareholders for their careful consideration and engagement on this historic proposal, and for their strong validation of the long term value we believe we will create," said Duncan L. Niederauer, Chief Executive Officer of NYSE Euronext.

NYSE Euronext says the deal offers:

Compelling industrial logic based on a shared vision that is consistent with the long-term strategy of both companies;

A business that preserves competition and delivers clear benefits to clients and customers;

The potential for superior cash flow generation and a credit profile and balance sheet that will provide financial flexibility to invest, grow and innovate;

Synergies of EUR550 million ($798 million), including EUR400 million ($580 million) in full run-rate cost savings and EUR150 million ($218 million) in revenue enhancements.

Completion of the combination is still subject to a 75 per cent acceptance level of the exchange offer to Deutsche Boerse shareholders; approval by the relevant competition and financial, securities and other regulatory authorities in the US and Europe. The deadline for acceptances by Deutsche Boerse shareholders is 13 July 2011.

2011 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Jul 10, 2011
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