The much-talked-about takeover of the Euronext stock exchange by the New York Stock Exchange is going to happen:
The New York Stock Exchange (NYSE) has agreed to buy the pan-European Euronext exchange, creating the first transatlantic stock market. The NYSE edged out German rival Deutsche Boerse to clinch the tie-up, creating a business worth $20bn (16bn euros; Â£11bn). The new firm will have its US base in New York and international headquarters in Paris and Amsterdam.
The first transatlantic stock market – a catalyst for more change in the financial markets:
[…] The merged firm will be led by NYSE Group boss John Thain, with Euronext chief executive Jean-Francois Theodore as deputy chief executive officer and head of international operations. Mr Thain said the deal was “an important development in the history of the NYSE, Euronext and the global capital markets”. He added: “A partnership with Euronext fulfils our shared vision of building a truly global marketplace with great breadth of product and geographic reach that will benefit all investors, issuers, and our shareholders and stakeholders.”
[…] As competition between exchanges has increased, analysts are predicting that more mergers will follow as companies look to reduce costs and boost client numbers.