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NYSE, Deutsche Börse extend deadline

by Tatjana Kulkarni  |  Published December 28, 2011 at 11:51 AM ET
NYSE227x128.jpgDeutsche Börse AG and NYSE Euronext on Tuesday, Dec. 27, extended until March 31 the deadline for completing Deutsche Börse's $9 billion takeover of the owner of the New York Stock Exchange. The companies made their move as the European Commission continues an in-depth investigation of the deal on competition grounds.

Last week the U.S. Department of Justice approved the deal while requiring Deutsche Börse to divest its 31.5% stake in Direct Edge Holdings LLC, the fourth-largest U.S. stock exchange operator.

To address the European Commission's competition concerns, the two exchange operators on Dec. 13 offered various concessions, including a proposal to sell additional single-equity derivatives assets as well as giving the purchaser of those activities an option to access Eurex Clearing AG for single-equity derivatives. Eurex Group is Europe's largest derivatives exchange, jointly operated by Deutsche Börse and SIX Swiss Exchange.

Deutsche Börse and NYSE Euronext had anticipated an EC verdict by the end of this year. However, when their concessions were presented two weeks ago, the EC extended the deadline on its Phase 2 review from Jan. 23 to Feb. 9.