GO
Loading...

Enter multiple symbols separated by commas

ISS Recommends "Yes" on NYSE Merger Vote

ISS, a global proxy advisory firm, recommended that Euronext shareholders vote in favor of the pan-European exchange's planned merger with New York Stock Exchange NYSE Group, Euronext said on Wednesday.

Euronext, which operates the Paris, Amsterdam, Brussels and Lisbon bourses and London's Euronext.Liffe derivatives exchange, is due to hold an extraordinary general meeting of shareholders in Amsterdam on December 19 to adopt the $13 billion tie-up plan.

"Based on the strategic rationale presented by the company and a very positive market reaction, we recommend that shareholders vote for this merger proposal," ISS said, according to a Euronext statement.

The full ISS statement did not feature on the ISS website. Contacted by Reuters, ISS said it only released recommendations to its customers.

With the exception of The Childen's Investment Fund (TCI), which owns around 10 percent of Euronext, many stakeholders in the pan-European exchange gave the greenlight to the deal, even if some expressed concerns about the valuation of the deal or regulatory risks.

Euronext and NYSE have proposed to put their European operations under the management of a Dutch foundation to keep them beyond U.S. regulators' jurisdiction, and on Tuesday the groups won endorsement for their merger from European regulators.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.