New York and German stock exchanges: one and the same.
The US$9,4 billion proposal from the Germans was accepted by the Americans, and the time zone plan should be presented in the coming months.
NYSE Euronext shareholders today approved the proposed merger with German exchange operator Deutsche Boerse, moving forward with plans to create the world's largest stock exchange. At 10:55 AM (Brasilia time), NYSE Euronext shares were up 2,30% in New York, while Deutsche Boerse shares were down 0,51%.
Holders of 65,6% of NYSE Euronext shares voted in favor of the $9,4 billion deal, exceeding the 50% required for approval, according to preliminary results from a special meeting.
NYSE Euronext CEO Duncan Niederauer said he is "somewhat disappointed" that shareholders have secured only 65,6% of all shares in favor of the deal, but remains confident that the merger will move to the next phase.
The merger plan was agreed upon in February. Deutsche Boerse shareholders need to submit their support for the deal in writing by July 13th. So far, only 11% of the German company's shares have been traded, according to documents filed yesterday. The offer needs the approval of at least 75% to proceed to the next phase.
Niederauer said that he and Deutsche Boerse's chief executive, Reto Francioni, focused on the German company's largest shareholders, and that many investors were awaiting the outcome of the NYSE Euronext shareholder vote before trading their shares.
"I don't know a single Deutsche Boerse shareholder who isn't in favor of the merger," said Niederauer. "The challenge is that they need to complete the offer documentation by next Wednesday." Deutsche Boerse has options to extend the offer.