Global Financial Strategy - Boerse/NYSE deal backed by BaFin

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Boerse/NYSE deal backed by BaFin

Tuesday 13 September 2011 – by Andrew Hickley

Stock market operator Deutsche Boerse has cleared its first regulatory hurdle in its planned takeover of NYSE Euronext after Germany’s BaFin gave its blessing to the deal.

The planned $10bn (€7.3bn) takeover was boosted on Monday after BaFin found there were “no grounds against the merger in Germany in terms of banking supervisory regulations,” a statement from Deutsche Boerse said.

However, there are still a host of European and US regulatory authorities whose approval is needed to allow the merger.

In August, EU competition authorities revealed that they would look into the case by December, fearing that the takeover could make the company too dominant in the derivatives markets.

Announcing the European Commission probe, competition commissioner Joaquín Almunia noted that the move would give the merged company “by far the leading position” in derivatives trading in Europe.

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“The commission needs to make sure that markets which are at the heart of the financial sector remain competitive and efficiently deliver to users,” he said on 4 August.

Both sets of shareholders have backed the deal.

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