Euronext profits hit by costs of merger with NYSE
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Pan-European market operator Euronext, which was acquired by the New York Stock Exchange in April, reported a 19.8-percent fall in net profit in the first half of the year.
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Euronext  on Friday endeavoured  to wrap up long-running merger talks before its annual general  meeting as a top shareholder threatened to oust its management  if the exchange did not deliver a deal quickly.
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Euronext  shareholders on Tuesday approved a $14-billion plan to merge the multinational European exchange operator with the New York Stock Exchange  and form the first transatlantic bourse.
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U.S. stock exchange regulators on   Wednesday issued a statement meant to calm fears in Europe   about U.S. regulatory overreach related to the proposed merger   of the New York Stock Exchange NYX.N and Euronext ENXT.PA.
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The New York exchange's high costs disappointed investors, while Chicago's floor looks good.
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NEW YORK/PARIS  - A rise in NYSE Group's NYX.N   shares in the past few days means its bid for exchange operator   Euronext ENXT.PA has closed a gap with a rival proposal from   Deutsche Boerse DB1Gn.DE for the first time in weeks.
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NYSE Euronext  said on Thursday it agreed to acquire the American Stock Exchange (Amex) for $260 million in stock to boost its business in options, exchange traded funds and cash products.
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PAN-EUROPEAN stock exchange Euronext is planning a rival bid for the London Stock Exchange, it was reported yesterday. The Paris-based Bourse this week intends unveiling plans drawn up for a cash bid, several Sunday newspapers reported.
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(InfoWorld) - The Nasdaq Stock Market's efforts to buy the London Stock Exchange PLC is another milestone in globalization, and touches the world of IT. As exchanges merge and increase the fluidity of funds globally, a new world of competitive options open. The Nasdaq's latest bid, launched Nov. 20, to buy the part of the LSE it doesn't already own for Â£2.7 billion ($5.1 billion) is poignant in its historic and political overtones. The Nasdaq tapped technology to match buyers and sellers -- starting with simple bulletin boards -- and helped revolutionize trading over the last 20 years. As world class IT companies like Microsoft and Oracle went public on the Nasdaq, the exchange rode the computerization of modern life to great success. Most exchanges have adopted some form of electronic trading, including Nasdaq archrival the New York Stock Exchange (NYSE Group Inc.) and the LSE itself. Exchanges have unique advantages and retain distinct personalities, however. Linux vendor Red Hat Inc., for example, will move from the Nasdaq to the NYSE Tuesday. "The New York Stock Exchange has much stronger global recognition, and we're looking for a global branding image," said Linda Brewton, Red Hat manager of investor relations. She also noted that even though the NYSE has adopted electronic trading, trading is still done under live market specialists and that this reduces share-price volatility. The LSE, which traces its history back some 300 years, has rejected Nasdaq's bid, claiming it undervalues the exchange. The mercurial mayor of London, Ken Livingstone, is also on the case. Last week he asked the U.K.'s Office of Fair Trading to investigate, claiming that the acquisition would eliminate competition to U.S. markets for international company listings. Livingstone also echoed the concerns of many Europeans, that as U.S. exchanges merge with European markets, tighter U.S. regulations would hamper Europe's growing market competitiveness. This last issue has also caused bumps in the NYSE's deal to merge with the Euronext NV exchange. Nasdaq, having already bought about 29 percent of the LSE earlier this year, is appealing to shareholders. Nasdaq Chief Executive Officer Robert Greifield apparently believes the exchange needs the merger to compete. The merging of exchanges and the broader, growing numbers of mergers and acquisitions that IT companies are involved in are part of the same phenomenon, according to according to Eric Gebaide, managing director of Innovation Advisors, a New York investment firm. "It's a manifestation of the globalization of financial markets," Gebaide said. "That in turn is a precursor of the globalization of technology." When companies in Europe and Asia enjoy the same sort of availability of capital U.S. companies have, it can lead to greater competition for U.S. companies. However, U.S. companies can also take advantage of the new era of capital. For example, U.S. companies looking to efficiently use capital now have access to alternative local financing for offshore ventures, Gebaide notes. In the new global market, companies can even go public with offshore ventures, he suggests. The Nasdaq bid will probably play out into 2007. The offer to shareholders can be extended to 60 days, and the Nasdaq can still buy LSE shares on the open market. But no matter how it ends, the internationalization of capital markets will continue to have a profound impact.
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NYSE Euronext has joined Dutch and British financial authorities in examining trading patterns of ABN Amroâs shares and American depositary receipts just before the multibillion-dollar bidding war over ABN became public, the bank said. âWe have received a request from the NYSE regarding transactions ahead of the announcement of our merger talks with Barclays,â a spokesman, Neil Moorhouse, said, reading a statement. He said ABN was cooperating with the investigation, but could not comment on whether there was any reason to suspect insider trading. The Supreme Court in the Netherlands is expected to make a ruling Friday in the fight between Barclays and a consortium of banks led by the Royal Bank of Scotland to buy ABN Amro for about 71 billion euros ($97.6 billion).
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The New York Stock Exchange unveiled an 8  billion euro (&#36;10.2 billion) share and cash bid for Euronext   on Monday, countering a rival proposal from Deutsche  Boerse just a day before a meeting where Euronext shareholders  will decide on the future of the bourse operator.
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NEW YORK/SYDNEY  - NYSE Euronext  and Australia's ASX Ltd  may be interested in buying part of Nasdaq Stock Market Inc's  31 percent stake in London Stock Exchange Plc , a person familiar with the matter said on Monday.
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The pan-European stock market operator Euronext said that its shareholders were to vote on December 19 on whether to approve a merger with the New York Stock Exchange.
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Italian stock market operator Borsa   Italiana is ready to study a joint offer with Deutsche Boerse   for Euronext ENXT.PA, which has already agreed a $10 billion   deal to merge with the NYSE, Il Sole 24 Ore newspaper said.
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A merger of the New York Stock Exchange and European counterpart Euronext could pave the way for setting up a London bourse to rival the long-established London Stock Exchange, NYSE chief executive John Thain said.
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MUNICH, Germany  - Losses at planemaker Airbus slashed 2006 operating profits at Franco-German parent EADS  by 86 percent to 399 million euros ($526 million), but the fall was cushioned by defense profits, the group said on Friday.
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European equities were sharply lower on Wednesday as concerns over higher borrowing costs in the eurozone encouraged profit taking in consumer industries.