NYSE Euronext (NYSE:NYX) investors have this morning approved a plan to merge with Deutsche Boerse AG to create the largest exchange group in the world, with two-thirds of all Euronext shares voting on the merger, 96% of which were in favor. Deutsche Boerse must secure approval from 75% of its shares by next Wednesday for the deal to move forward. Shares in both exchanges are up today as Deutsche Boerse is expected to approve the merger with a great majority.
So far roughly 11% of Deutsch Boerse shares have already turned in paperwork approving the merger. According to NYSE (NYSE:NYX) CEO Duncan Neiderauer, “[he hasn’t] met a single Deutsche Boerse shareholder who is not supportive of the combination,” and is more concerned about shareholders getting their paperwork in on time.
Niederauer is expected to get a 4-year appointment to the board of the new, as-yet-unnamed exchange, with other executives from both NYSE Euronext (NYSE:NYX) and Deutsche Boerse expected to make similar agreements.
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After investors in both exchanges approve the merger, the deal will then have to go through a lengthy regulatory approval process that requires over 40 separate clearances.