European stock market operator Euronext has said its shareholders will get a chance to vote on its merger plan with the New York Stock Exchange Group in December. Two months ago Euronext management rejected a bid from Frankfurt’s Deutsche Boerse in favour of a link up with the NYSE.
A merger with the Wall Street exchange would bring together markets for stocks and options in New York, Chicago and San Francisco with bourses in Paris, Amsterdam, Brussels and Lisbon and derivatives trading in London. Announcing the vote, Euronext also said that companies listed with it would not be subject to US regulations.
However some Euronext shareholders want a chance to vote on the Deutsche Boerse offer. They say it is worth more. And the fact that Euronext has just posted higher quarterly profits puts pressure on the NYSE to increase its offer to ensure shareholders back its bid in December.