Aug 16 The U.S. Securities and Exchange
Commission has approved the takeover of NYSE Euronext by
IntercontinentalExchange, according to a regulatory
filing made available on the regulator's website early on
While the SEC is not the U.S. regulator responsible for
reviewing exchange mergers for possible antitrust concerns, it
is required to review them to ensure compliance with federal
regulations governing how exchanges self-police their markets.
The deal, which will give ICE control of Liffe, Europe's
second-largest derivatives market, is expected to close in early
September. It still needs approval from national regulators in
Shareholders of both companies have already signed off on
the deal, as has the European Commission. The friendly takeover
was worth $8.2 billion when it was announced in December, and
was valued at $10.6 billion based on the closing price of the
ICE's stock on Aug. 1.
The combined ICE-NYSE Euronext would be the third-largest
exchange group globally, behind world No. 1 Hong Kong Exchanges
and Clearing and CME Group.
Atlanta-based ICE and New York-based NYSE plan to spin off
Euronext, which operates the Paris, Amsterdam, Brussels and
Lisbon stock exchanges, after the deal has been completed.