Euronext favours NYSE over Deutsche

The German stock exchange abandons its bid for Euronext.

    Some Euronext shareholders favour
    a European tie-up

    But Francioni did not rule out further involvement in expansion or consolidation of the industry, both at home and abroad.
     
    The decision came as seven of Europe's biggest investment banks said they were working on their own stock-trading platform aimed at competing with the London Stock Exchange.
     
    Key issues
     
    The banks involved include Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley and UBS.
     
    Politicians from most European countries and Jean-Claude Trichet, president of the European Central Bank, have highlighted the advantages of a pan-European exchange, noting that it would serve as a counterbalance to the New York Stock Exchange and Nasdaq in the United States.
     
    But Euronext has favoured the New York Stock Exchange over Deutsche Boerse.
     
    The New York exchange has forecast that the deal, which needs the approval of shareholders from both sides, will close in the first quarter of 2007.
     
    However, it has drawn criticism from some Euronext shareholders who would prefer an all-European deal.
     
    Deutsche Boerse said that during the course of talks about signing a letter of intent, an agreement over "certain key issues" arose and could not be overcome. Neither company disclosed the nature of the problem.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Why some African Americans are moving to Africa

    Escaping systemic racism: Why I quit New York for Accra

    African-Americans are returning to the lands of their ancestors as life becomes precarious and dangerous in the USA.

    What happens when the US government shuts down?

    The US government has shut down. What happens next?

    US federal government begins partial shutdown after Senate blocks short-term spending bill. What happens next?

    Why is the West praising Malala, but ignoring Ahed?

    Why is the West praising Malala, but ignoring Ahed?

    Is an empowered Palestinian girl not worthy of Western feminist admiration?