EnglishThe NYSE Euronext exchange was sued by several shareholders which are demanding the block of its planned $9.53 billion sale to Deutsche Boerse AG.
The deal, which was approved on Wednesday by Deutsche Boerse - the operator of the Frankfurt Stock Exchange and of the Eurex Futures market, would create the world"s largest owner of equities and derivatives markets.
The lawyer of one of the plaintiffs - Samuel T. Cohen - said, in his complaint submitted to a court in Wilmington: "The all-stock transaction is grossly inadequate and resulted from a flawed process (...) The proposed sale was not the result of an auction". According to Cohen, the deal is not in the interest of the shareholders of the NYSE. In another lawsuit, filed with the Supreme Court of New York, investors claim that the sale of NYSE Euronext does not offer a significant premium to NYSE shareholders and will result in a loss of control of the company. According to the terms f the deal, Deutsche Boerse would exchange one share of for a share in the new company, and every share of NYSE Euronext would be turned into 0.47 shares of the new company. Deutsche Boerse will control 60% of the new corporation, and NYSE - 40%. According to the opinions of experts quoted by the foreign press, the bid of Deutsche Boerse for NYSE Euronext will be reviewed by the regulators of the European Union, which could pose certain conditions to approve the deal.
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