The New York Stock Exchange has moved a big step closer to being taken over by Germany’s Deutsche Börse.
Almost two thirds of NYSE Euronext shareholders have voted for the tie-up, which the exchanges have promoted as a merger of equals.
The Frankfurt-based bourse, however, would control 10 out of 17 of the board positions and its shareholders will own roughly 60 percent of the company.
The combination will produce a massive trader with the shares of more than 4,200 firms listed and covering virtually every kind of investment in the US and Europe.
Johannes Witt, the employee representative on Deutsche Boerse’s board, was not surprised at the vote. He said: “The shareholders’ decision is very logical from their point of view. For them it’s a very attractive deal – the decisions will be made in New York, Deutsche Börse brings a lot of assets, without corresponding values on their side. So from their view point everything is clear.”
However it is not a done deal yet and requires approval from three quarters of Deutsche Börse shareholders by Wednesday of next week and then would have to survive a competition review by the European Commission that could last until the end of the year.