August 7, 2022

DealBook: Deutsche Börse Wins Shareholder Approval of NYSE Euronext Deal

The Frankfurt Stock Exchange in Germany is operated by Deutsche Börse.Alex Domanski/ReutersThe Frankfurt Stock Exchange in Germany is operated by Deutsche Börse.

Deutsche Börse said on Thursday that it had won enough shareholder support to clinch its $9 billion merger with NYSE Euronext, after collecting more than 80 percent of its outstanding shares in a tender offer.

Under German market rules, Deutsche Börse needed to receive at least 75 percent of its stock by midnight on Wednesday for the deal to pass.

The final tally will not be available until later on Thursday or Friday.

With the success of the tender offer, Deutsche Börse and NYSE Euronext have cleared one of the biggest hurdles to their merger, which would create a new international stock market operator with big presences in stock, options and derivatives trading.

Yet the two exchanges must still obtain regulatory approval, a lengthy process that is not expected to conclude until next year. Both companies’ legal teams have been working closely with European antitrust officials, who are expected to closely scrutinize the deal because the merger would meld two of the Continent’s biggest derivatives platforms.

Over the last week, Deutsche Börse and NYSE Euronext spoke frequently with the German market operator’s investors, urging them to back the offer. As recently as July 7, Deutsche Börse had collected just 11.1 percent of its outstanding shares.

Both exchange companies had said that they expected investors to tender their holdings close to the deadline. Some shareholders had waited until NYSE Euronext shareholders approved the deal, which they did last week.

Shares of Deutsche Börse fell less than 1 percent on Thursday, to 52.83 euros. Shares of NYSE Euronext were roughly flat at $33.82.

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