NYSE will acquire Euronext exchange

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORE11 theater productions to see in Southern California this week, Dec. 27-Jan. 2“This is an important development in the history of the NYSE, Euronext and the global capital markets,” NYSE Chief Executive John Thain said in a statement. “A partnership with Euronext fulfills our shared vision of building a truly global marketplace with great breadth of product and geographic reach that will benefit all investors, issuers, and our shareholders and stakeholders.” The newly formed NYSE Euronext’s market value would make it the globe’s most valuable securities market. The largest is currently Chicago Mercantile Exchange Holdings Inc., which is worth some $15.6 billion. Under the proposal, each NYSE share would be converted into one share of common stock of the new combined company NYSE Euronext. Holders of Euronext ordinary shares would be offered the right to exchange each of their shares for 0.98 share of NYSE Euronext stock and 21.32 euros ($27.42) in cash. The deal, worth $9.96 billion, gives Euronext shareholders a “mix and match” option to select how much cash or stake in the newly combined company they prefer. Euronext will also pay a previously announced dividend of 3 euros per share. The exchange will have its group headquarters at the NYSE’s current base in New York and European headquarters at Euronext’s base. NEW YORK – NYSE Group Inc. agreed Thursday to acquire Euronext NV for nearly $10 billion in cash and stock, creating the first trans-Atlantic securities market in a deal that would pressure rival exchanges to consolidate. The 214-year-old New York Stock Exchange trumped a competing bid by Deutsche Boerse AG to acquire Paris-based Euronext, which operates bourses in Paris, Amsterdam, Brussels and Lisbon. If approved by shareholders and regulators, the New York Stock Exchange and Euronext will handle about $2.1 trillion in stock trades each month and have a market value of $20 billion. The acquisition of Europe’s second-largest stock exchange ushers in a new era for financial markets, one in which investors can trade stocks, options, futures, commodities and corporate bonds on two continents up to 12 hours a day. NYSE’s move also ups the ante for rival exchanges – chiefly the Nasdaq Stock Market Inc. and Deutsche Boerse – to assemble their own deals to avoid being left behind in global consolidation. Euronext Chairman Jan-Michiel Hessels will maintain that position, while Thain will continue as CEO. The board of a combined company would include 11 directors from NYSE and nine from Euronext. Each of the companies’ markets would come under the jurisdiction of local regulators – a move that seemed aimed at addressing concerns that European exchanges would have to comply with stricter U.S. market rules. Passage of the deal is expected to be a cooperative effort between regulators in the U.S. and Europe. “We are working with our counterparts in Paris and Amsterdam to establish a cooperative approach to the type of combination being proposed,” said Securities and Exchange Commission Chairman Christopher Cox. “We have every expectation that a transaction can take place that will benefit investors in all of the affected countries.” Common shares of NYSE Euronext would be listed on the New York Stock Exchange and Euronext. Both exchanges believe the combination will create cost savings of $375 million, with some $250 million of that from integrating their technology platforms. NYSE Euronext is expected to be launched within six months, after regulatory and shareholder approval. “The Supervisory and Management Boards of Euronext have been through an extensive process of identifying the best consolidation opportunity for our shareholders, issuers, and users, and we strongly believe NYSE is the best partner,” Hessels said in a statement. Hessels and Thain were to give further details of a deal they’re calling a “merger of equals” this morning at a news conference in Paris. What’s unclear is whether Deutsche Boerse might return with a sweetened bid, even though Euronext management urged shareholders to support the NYSE deal. At least one large Euronext shareholder has said the company could have garnered a higher premium given the industry’s consolidation. The agreement comes amid a flurry of deal proposals that kicked off in March, when the Nasdaq made a $4.5 billion bid for the London Stock Exchange. After the offer was rebuffed, the Nasdaq has since acquired more than 25 percent of the LSE, prompting Euronext to call off its long-running interest in the British exchange. In addition, Deutsche Boerse last month unveiled a competing offer for Euronext that was valued at about $11 billion. The German exchange has already failed on several occasions in recent years to acquire the London Stock Exchange.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more


first_imgjohn hutchinson vs cruise II: PIC Kevin Finn‘The Buncrana Banger’ John Hutchinson looks to follow up on his spectacular pro boxing debut win in County Mayo, as the ‘Funcrana Funbus’ rolls into Belfast next month with the young fighter scheduled to have his second pro fight against Belfast’s Gerard ‘Boom Boom’ Healy on a packed bill at the Odyssey Arena, featuring heavyweight sensation Tyson Fury on Saturday, December 1.The globe-trotting fighter got his career in the professional ranks off to a flying start with a hard fought win over former Irish Amateur champion Darren Cruise in a six round thriller at the Royal Theatre, Castlebar in August.Hutchinson, a former Ulster Novices champion, attacked his Roscommon opponent from the first bell as the pair the fought at close quarters in what quickly became a slugfest, which thrilled the travelling Donegal fans that made the journey south in support of the Buncrana fighter. “I think the support on the night was the deciding factor for me. It was a rude-awakening getting in there with an experienced fully fledged professional like Cruise, and I quickly realised there is a massive gulf in class between the semi-professional level and the licenced pros,” admitted 26-year-old.“I fought on the semi-pro circuit in England and Thailand, maybe I fully appreciate the leap in quality,” he said. “Cruise was quite a bit bigger than me and more experienced having fought in the Prizefighter Series on SKY Sports, he was really strong in there, leaning on me and putting the pressure on so I really had to dig deep to grind out the win.“It wasn’t pretty boxing as we slugged it out and I picked up two big gashes from head clashes for my troubles but I did what I had to do to ensure that I started my pro career the way I intend to keep going and thankfully the referee raised my arm at the end of the fight. It was a massive relief to get the debut out of the way because I was so nervous and I think that drained a lot of my energy in the fight,” explained the former Illies Golden Gloves slugger.“Now I have a new challenge and I’m looking to build on what I learned in my debut. In Belfast I will be staring across the ring at a man I know well from my amateur days. I fought Gerard Healy in real tough fight when we were both amateurs. It was a sizzling encounter and I have nothing but the height of respect for his talents. He likes to come forward throwing bombs and so do I, so we won’t have to go looking for each other. It will probably be another slugfest, with me going in as the underdog again. Just like the Cruise fight he will have some key advantages over me like size and experience, not to mention fighting in his backyard as well. But it was the same against Cruise and I came out on top there, and if training keeps going the way it is and I can get the same support behind me again I am sure I can come out with another win. “Healy is a full-time pro now and training in a stable of top class pros in Belfast, so I know he is firing on all cylinders and fancies a win in this fight. But I learnt my lesson from the debut and I am now really focusing on my training, having committed to John Breen at the famous Breen Gym in Belfast.“It’s been great since I have thrown myself into working with the guys up there. I have the best of both worlds. When I am up in Belfast I can test myself against top pros like Stephen Haughian and Brendan Fitzpatrick whilst working on the pads with a master like John Breen who has guided Paul McCloskey to World titles fights and then when I am in Donegal I have the honour of mixing with the likes of William McLaughlin, who for me is one of the best prospects in all of Ireland and doing Donegal proud in the World Series of Boxing,” enthused Hutchinson.“I am really buzzing to be given the chance to perform on such a massive bill in the Odyssey Arena with names like Tyson Fury and Chris Eubank Jnr also on the show. I think it will bring out the best in me. Without doubt it is definitely a case of the man who wants in most will take the win on the night, I know that I have put in the hard work and not cut any corners so I just hope Gerard has done the same and I am sure there will be fireworks in Belfast on the night,” added the unbeaten prospect with a glint of hunger in his eyes.The ‘Tyson Returns’ bill features a host of evenly matched quality 50/50 match-ups including Tyson Fury vs Kevin ‘Kingpin’ Johnson in a World title eliminator, a clash of two big-hitting Belfast Cruiserweights in Darren Corbett vs undefeated Conall Carmichael and Stephen Haughian vs John O’Donnell with unbeaten prospects like Chris Eubank Jnr, Dee Walsh, Daniel McShane, Paul Quinn and Matthew Wilton bringing more quality to the show.Tickets for John’s bout at the Odyssey Arena, Belfast on Saturday, December 3 range from £30 tiered seat and £195 for VIP ringside seats. Tickets are available in Derry from The Healthy Way on Guildhall Square or in Buncrana at O’Flaherty’s Bar. Alternatively call 087 122 0660 in the south or 079 85 646 187 in the north or visit www.boxing-ireland.com.Follow John on Twitter at @BuncranaBangerBOXING: ‘BUNCRANA BANGER’ JOHN TO FIGHT ON TYSON FURY BILL was last modified: November 18th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:BOXING: ‘BUNCRANA BANGER’ JOHN TO FIGHT ON TYSON FURY BILLlast_img read more