Euronext shareholders overwhelmingly agree merger with NYSE
Amsterdam/Paris (dpa) - Shareholders in the European multinational stock market Euronext on Tuesday voted overwhelmingly in favour of a merger with the New York Stock Exchange (NYSE), Euronext reported on its website.
More than 98 per cent of the participants at the general shareholders meeting in Amsterdam voted to accept the 10.7 billion euro (14.1 billion dollar) move, which will create the first transatlantic bourse.
The vote came after the Dutch government and Europlace, an important French business group, came out publicly in favour of the merger. However, worries remained about a "spillover" of US laws and regulations to European markets.
Earlier this year Euronext - which comprises the Paris, Amsterdam, Brussels and Lisbon exchanges - broke off talks with Germany's Deutsche Boerse after the two parties failed to agree on what model the merged firm would follow.
Agreement on the merger came as stock markets around the world look to consolidate. The Nasdaq Stock Market has acquired nearly 30 per cent of the London Stock Exchange and initiated a hostile takeover bid for the remainder earlier this month. // © 2006 DPA
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