Frankfurt / NEW YORK (Reuters) - Deutsche Boerse AG (DB1Gn.DE) and NYSE Euronext (NYX).(N) unveiled a dividend special Tuesday, flexing their financial muscle a month before shareholders decide whether to approve a merger which would create the largest operator of Exchange in the world.
Shareholders of a combined company are offered a one-time dividend of 2 euros per share after the transaction closes, the companies said in a joint statement. The total payment is approximately 620 million euros (910 million dollars).
The dividend, which had been discussed with shareholders over the past months, has been provided despite the fact that the rivals of Nasdaq OMX Group (NDAQ.)(O) and IntercontinentalExchange (Ice.N) abandoned a competing offer to the parent of the New York Stock Exchange last month.
Today, the main obstacle for the two exchanges is winning antitrust approval for their agreement to 10.2 billion in Europe, where the company will have a lock on derivatives trade-oriented.
"I don't know if this dividend was necessary for the approval of shareholders at this stage of the game because you did not have a competing bid, and I think that the risk is more on the competition (antitrust) side," said Chris Allen, trade analyst at Evercore Partners.
Deutsche Boerse shareholders have until July 13 to their shares in the deal and shareholders in the Big Board parent are set to vote on July 7.
The shareholders of Deutsche Boerse would control 60 percent of the new company. Deutsche Boerse executive chef Reto Francioni will assume the role of President while that Duncan Niederauer, who is the head of NYSE Euronext, will become the Chief Executive.
"The ability to offer a special dividend underlines the strength of the combined group," said Niederauer.
Earlier this year Francioni had rejected the company was ready to soften its provides suggestions.
"We have a... signed merger agreement which has been entirely negotiated over a long period of time," Francioni spoke analysts at the time. "We are under the terms of the agreement and we are working towards a fence in a timely manner."
Yet bid $ 11.3 billion from Nasdaq and ice - thwarted by the Ministry of Justice of United States and then withdrawn - may have influenced the decision of dividend. April 13, Reuters reported that the NYSE Euronext and Deutsche Boerse were weighing several options including pay a special dividend, to gain the support of the shareholder.
"The two companies have been capital return to shareholders, and they thought that they had a potential to do so in view of the combination, said Allen." It is something which has been a little telegram in the last month. ?
The news came after the NYSE Euronext shares were halted and sparked a brief jump by 1 per cent. The shares were off the coast of 2 cents to $35.48 in afternoon trading. Deutsche Boerse shares closed 0.6% to EUR 53.50.
In a separate move, announced Tuesday, Deutsche Boerse said that he had struck an agreement with SIX Group the Switzerland to take full control of the arm of derivatives Eurex, one of the engines main profits at Deutsche Boerse.
(Reported by Edward Taylor in Frankfurt and Jonathan Spicer in New York; editing by David Hulmes and Matthew Lewis)
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