Deutsche Börse comes up with new offer for Euronext |
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Tue, 23 May 2006 14:10
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AMSTERDAM - Deutsche Börse indicated its willingness to battle it out with the New York Stock Exchange for the control of pan-European stock exchange Euronext by coming up with a better offer than its rival.
The Börse offered €8.6 billion for Euronext as compared to NYSE's offer of €8 billion. "Deutsche Börse strongly believes that this transaction represents the most attractive combination for shareholders, customers and the financial centers involved," it said in a statement. "Furthermore it is the only option available at this point that accelerates to the further integration of European financial markets within a European regulatory environment."
Although the new offer caused a delay of 30 minutes to the AGM of Euronext, Serge Harry, Euronext's CFO said that the proposal was the same as the one made before. "This is the same offer we received over the weekend and which has been fully considered by the board yesterday," he said. "The figures presented are based on the closing price yesterday, which is misleading because the proposal is based on the 3-month volume weighted moving average prior to the business combination."
Euronext's board has indicated that it prefers NYSE's proposals, but added that both the offers would be placed before shareholders' in the annual general meeting today. In response, Euronext shares were up 4.5 percent at 71.40 euros, while Börse shares were up 2.8 percent at 104.15 euros.
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