(Image source: CNNMoney)
BY DAVID EARL
ANCHOR CHRISTINA HARTMAN
The deal that would have forged the world’s largest stock exchange is officially dead. Euronews has the headline.
“Competition regulators in Brussels have blocked a merger that would have created the world’s biggest stock exchange. Deutsche Boerse and NYSE Euronext say they will now unwind the deal.”
Leading up to Wednesday’s announcement, the head of EU’s Competition Commission told Bloomberg the deal between US-based NYSE and German exchange Deutsche Boerse was anything but done...
“My conclusion is that some problems of competition will not be solved by this merger, but will be aggravated.”
In fact, Fox Business quotes EU officials coming out with some pretty harsh antitrust descriptions for the deal. According to one of them...
“The merger between Deutsche Boerse and NYSE Euronext would have led to a near-monopoly in European financial derivatives worldwide. These markets are at the heart of the financial system and it is crucial for the whole European economy that they remain competitive.”
You can guess the head of Germany’s flagship exchange wasn’t too pleased to hear the news. A German TV station has the soundbite...
“This is a black day for Europe and its future competitiveness on world financial markets.”
And a financial reporter for the BBC seems to agree.
“Where are these stock exchanges going to go? There’s a feeling that when you’re talking about a global market you have to be globally competitive and you have to be big.”
At least one person on the US-side of the pond likes the deal’s death. The familiar name in national politics, big-city real estate, and prime-time reality TV talks to CNBC....
Donald Trump: “The New York Stock Exchange should be this country...I’m very happy to see it, Becky, I think it’s a good thing for the country.”
This is the latest merger to fall through for America’s oldest exchange. Back in April, rival NASDAQ attempted and failed at a hostile takeover of the NYSE.
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