U.S. News

Euronext Regulator Committee Approves NYSE Merger


European regulators said on Thursday they had approved proposals for pan-European bourse operator Euronext to merge with the New York Stock Exchange to form the first transatlantic bourse.

"This approval was based on the documentation made available during the assessment process and on the various assurances and commitments provided by NYSE Euronext Inc. and Euronext N.V.," the regulators said in a statement.

The chairmen's committee of Euronext regulators said the approval was conditional on the submissions Euronext and its subsidiaries need to make to national authorities.

NYSE Euronext, the vehicle set up by New York Stock Exchange for the merger, filed its offer document on Tuesday.

The document reaffirmed the offer of 0.98 new NYSE Euronext shares plus 21.32 euros in cash for each Euronext share, or alternatively the equivalent of 1.2633 NYSE Euronext shares or 95.07 euros in cash.

Euronext shareholders approved overwhelmingly the merger plan in December after concerns among some shareholders were soothed about the risk of U.S. regulatory spillover into European markets.

Shares of Euronext, which operates the Paris, Amsterdam, Brussels and Lisbon bourses and the Euronext.Liffe derivatives exchange, were up 3.3% at 98 euros.

Euronext committed to merge with NYSE in June after rebuffing a rival offer from Deutsche Boerse, incurring the wrath of some shareholders as well as top European politicians who favored a pan-European combination.