Hefes nominated to equalise Euronext board

The two exchanges billed the Euronext-NYSE tie-up as a “merger of equals” from its outset, although concerns were raised that this was not the case. Earlier this week, the bourses announced the prospective board’s composition was to be changed from a 12-10 split in favour of NYSE Group to parity at 11 members each. Hefes’ nomination – and the rest of the merger plans – will now be put to a vote at an extraordinary general meeting of Euronext shareholders, scheduled for December 19.

In a report for French industry association Paris Europlace, Schneider Electric chairman Henri Lachmann criticised the NYSE deal. He raised the prospect of Euronext joining with Deutsche Börse’s cash equities business, and possibly Borsa Italiana’s, before seeking to renegotiate terms with the NYSE. But Deutsche Börse announced on November 15 that it had abandoned a rival effort to acquire the pan-European derivatives exchange (See: Deutsche Börse pulls out of Euronext bid).

A trans-European committee of regulatory agencies is due to give its verdict on the proposed merger in early January.

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