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NYSE voters say yes to German offer

Thursday, July 07, 2011 - 01:15

July 7 - Shareholders of NYSE Euronext threw their support behind a $9.6 billion takeover by Germany’s Deutsche Boerse. Conway G. Gittens reports.

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Thursday's opening bell marks the sound of progress when it comes to the New York Stock Exchange's sale to Germany's Deutsche Boerse. The $9.6 billion deal is getting the backing of a majority of NYSE Euronext shareholders, according to a preliminary vote, putting the icon of American capitalism, one step closer to foreign control. Vocal opposition to the deal has died down in the U.S. since the tie-up was announced in February, but the merger may face a tougher time in Germany. Labor Representatives are strongly against the marriage. Investors of the Deutsche Boerse have until Wednesday of the coming week to cast their vote, which needs 75 percent approval to pass. Meantime, intense scrutiny of the deal by European regulators is expected to last through the rest of the year. The tie-up between the two exchanges came amid a flurry of cross-border merger announcements in the sector earlier this year, but most have fallen apart under the weight of political and nationalistic resistance. Conway Gittens, Reuters.

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NYSE voters say yes to German offer

Thursday, July 07, 2011 - 01:15