Global stock market deal complete
28 Mar 2007
The New York Stock Exchange (NYSE) has won control of European operator Euronext, creating the first transatlantic stock market operator, with a combined business of €22 billion (approximately Rs127,292 crore).
NYSE now owns 91.4 per cent Euronext shares, bringing the €10.9 billion merger to a virtual conclusion. The combined firm will manage stock exchanges in New York, Paris, Brussels, Amsterdam and Lisbon.
Shares in the new business, to be called NYSE Euronext, will start trading in Paris and New York on 4 April. Under the terms of the deal, the individual markets will retain their separate identities and trading arrangements and will also continue to operate under their existing regulatory supervision.
According to Jan-Michiel Hessels, chairman of Euronext''s advisory board, the combined business would be the world''s largest exchange group and would lead to substantial cost savings.