NEW YORK (AFP) - Nasdaq OMX and IntercontinentalExchange (ICE) abandoned their hostile OPA for NYSE Euronext, Monday, paving the way for the merger of the New York Exchange with German powerhouse Deutsche Boerse.
NASDAQ and ice fell from their aggressive bid of $ 11.3 billion, which threatened to spoil plan of Deutsche Boerse to absorb the NYSE Euronext, after us antitrust officials have threatened to sue to block their bidsaid officials Nasdaq and ice.
"We took the decision to withdraw our offer when it became clear that we would be not successful in obtaining regulatory approval for our proposal despite offering a variety of substantive remedies," said Nasdaq Chief Executive Bob Greifeld.
"We are surprised and disappointed by the result of the Antitrust Division", he said in a statement.
The Justice Department said it would have filed suit to prevent the deal, saying that the company should have monopoly power.
He said "the acquisition would substantially eliminated competition for corporate stock listing services, services of auction stock opening and closing, trade stock-exchange reporting services and products data real-time equity exclusive".
Greifeld, stated that the submission of Nasdaq-ICE had been "a unique opportunity to create more value for shareholders and to strengthen the United States as a centre of capital formation in a continuous movement of these essential activities and jobs out of our country".
The hostile offer would have kept Wall Street legend of Exchange property U.S., rather than move them in the hands of the Germans.
But it would have broken apart NYSE Euronext, with his company of Liffe derivatives go to the ice while Nasdaq - best known for trade of the world leading technology companies - would be took control of the New York Stock ExchangeParis, Brussels, Amsterdam and Lisbon.
NYSE Euronext had on several occasions spurned their offer as he had already agreed to merge with Deutsche Boerse.
But this movement had drawn complaints that the New York Stock Exchange would come under the control of foreigners.
The terms of the merger proposal on 15 February, Deutsche Boerse shareholders will be owner of 60 percent of the firm combined, consisting of the Netherlands, and the German company will dominate the new Commission.
Chief Executive Officer of NYSE Duncan Niederauer, who came under pressure from some shareholders to accept the bid of Nasdaq-ICE, have confirmed their intention to move forward with the agreement of Deutsche Boerse.
"As we have consistently maintained it, the combination with Deutsche Boerse creates first Exchange in the world - a business geographically through multiple categories of assets that will create compelling value for our shareholders long term.".
The company will vote on the merger, on 7 July, he said.
President of the ice and Chief Executive Jeffrey Sprecher said he believed that companies had "made a disciplined and opportunistic gesture to pursue an attractive combination which would preserve competition in European derivatives markets."
"We will maintain our focus on the many initiatives that we continue our history of delivering growth and leading-edge for our customers and our current shareholders returns."
NASDAQ OMX share rose 0.82% and shares of ice have increased 5.9% at noon after the new.
Deutsche Boerse shares jumped by 3.5%, while the shares of NYSE Euronext plunged to 10.6%.
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