FRANKFURT (Reuters) - Deutsche Boerse’s DB1Gne.DE takeover of NYSE Euronext NYX.N remains on track for completion by year-end, said Rainer Riess, deputy chairman of the Frankfurt Stock Exchange.
“We are sticking to our plan,” Riess, speaking on the sidelines of a conference, said on Thursday. Deutsche Boerse is the operating company that runs the Frankfurt Stock Exchange.
Deutsche Boerse and NYSE Euronext unveiled plans to create the world’s largest bourse in February in a deal through which the German operator will own 60 percent of the enlarged group.
Deutsche Boerse said it was confident EU regulators would clear the planned deal after the European Commission opened a lengthy in-depth probe.
There is a 250 million euro ($340 million) termination fee on Deutsche Boerse’s agreed offer for NYSE Euronext, which the companies unveiled February 15 and expect to close this year with shareholder approval.
A NYSE-Deutsche Boerse combination would produce a behemoth that offers trades in virtually every European and U.S. asset class, with annual trading volume exceeding $20 trillion.
The company has secured the support of more than 95 percent of its shareholders for its merger with NYSE Euronext. [ID:nWEA8526] ($1 = 0.735 euro)
Reporting By Edward Taylor; Editing by Dan Lalor