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The Question Of The Balance Merger Power:

  

The Question Of The Balance Merger Power

US Markets

images: ©DPA


The long-term goals and post distribution in the merger between the German stock market and NYSE Next negotiated long ago. A big question unanswered: Who will continue in the largest exchange in the world is the word – American or German?

The merger between the German stock exchange and NYSE Following is imminent. The 100-page agreement, known as the “business combination agreement” is largely completed, said a person familiar with the processes. The major issues, long-term goals or mailing already negotiated. Ultimately, the small order items only.

The big question faced by many, but quite another: that the future will have a say in the largest exchange in the world – American or German? Or for that matter is, as invoked by both parties, a “merger of equals”? There are several answers.

One is formal: the majority are located in Frankfurt, 60 percent will keep the shareholders of Deutsche Börse, the rest of Americans. Even with the position of the board are the Germans were so. Four high-profile positions are. Particularly important is the business, such as futures exchanges, the future is responsible Andreas Preuss. Frankfurt new retail giants had the last word, not least in the context of the German stock exchange.

On Wall Street, but that sounds completely different. Representatives of the NYSE Euro advertising in the public, politicians and supervisors with the subtle touch that Americans were sitting in the driver’s seat. His strongest argument: NYSE CEO Duncan Niederauer will be chief executive of the new group. First, public relations manager was a success. “Welcome German Exchange” owners of the media business. And the feeling of winning his secret, traders, joked on the floor of New York, provided they do not use leather pants, everything was fine. Last did feel, however, critics, including Charles Schumer, a senator from New York and a leading member of the Banking Committee. He was surprised that he had been told twice, New York will hold power in the new group, although the German stock exchange on behalf of DB for NYSE Group in the front booth. “If the German Stock Exchange wants see his initials on the front, this could be a sign that could implement business decisions against the interests of New York “he said.” The name of the new company will be a crucial factor in determining whether there is support for this fusion, both in the regulatory decision and in the public eye, “he added. Meanwhile, both sides have denied that the name of the town’s great that so.

In Frankfurt, there is nervousness. “He sold us the acquisition of New York by the German stock exchange. Basically, however, jeopardizes the sale of Frankfurt”, says a former marketing manager. And politicians are wary: Mergers and size is not a value in itself, “said Dieter Posch, economics minister of Hesse, the Handelsblatt.

Especially with the staff of the German Stock Exchange of tension is high. After every round of cuts and relocation of jobs in recent years is that this is the next blow to workers in Frankfurt, said John Witt, committee and member of the Supervisory Board of Deutsche Börse. Unionists fear that Frankfurt lost importance in the merger and may disappear jobs. In general, the two groups exchange with the merger, about 300 million euros in cost savings. Without the cuts in staff working, barely, according to experts.




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