NYSE proposes to merge with Euronext

The New York Stock Exchange (NYSE) on Monday proposed to merge with Euronext to create the biggest trading platform in the world with a value of 21 billion U.S. dollars, the NYSE said in a statement.

"NYSE Euronext will be the world's most liquid and truly global financial marketplace offering unparalleled benefits for investors and issuers in the United States, Europe and across the globe," John A. Thain, chief executive officer of NYSE said in a written statement.

Under the NYSE plan, John A. Thain would become the new entity's chief executive, with Euronext Chairman Jan-Michiel Hessels becoming its chairman.

Euronext Chief Executive Jean-Francois Theodore would become deputy chief executive officer.

The NYSE said that it estimated that the synergies generated by a merger would be 375 million U.S. dollars.

The combined group would be listed in New York and Paris. The management would be shared between current directors of Euronext and the NYSE.

Euronext, which brings together the Paris, Amsterdam, Brussels and Lisbon stock exchanges, said in a statement its board would meet on Monday afternoon to discuss the proposal.

Source: Xinhua