Deutsche Boerse holders OK takeover

By Bloomberg News
July 15, 2011

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LONDON - Deutsche Boerse shareholders approved its $9.2 billion takeover of NYSE Euronext, surmounting the biggest hurdle yet to gain control of the 219-year-old exchange company and create the world’s biggest bourse operator.

Owners holding more than 80 percent of Deutsche Boerse shares backed the deal, surpassing the 75 percent needed, the Frankfurt-based exchange said in a statement yesterday. The all-stock transaction will give Deutsche Boerse 60 percent of the combined entity, while NYSE Euronext chief executive Duncan Niederauer will run the organization.

The accord clears the second of three main obstacles for the takeover after NYSE shareholders voted in favor of the transaction on July 7. European regulators, who set an initial deadline of Aug. 4 to rule on the deal, are reviewing the transaction because it would unite venues that handle more than 90 percent of the region’s exchange-traded derivatives.

“Using an American football analogy, it’s another first down,’’ said one New York analyst. “They still need to clear the regulators, particularly the European Competition Commission,’’ he added.