Reuters: Regulatory News: UPDATE 1-ICE's takeover of NYSE to close on Nov. 13

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UPDATE 1-ICE's takeover of NYSE to close on Nov. 13 Nov 8th 2013, 23:21 Fri Nov 8, 2013 6:21pm EST By John McCrank Nov 8 (Reuters) - IntercontinentalExchange Inc said its takeover of NYSE Euronext would close on Nov. 13, after clearing final regulatory hurdles on Friday. The derivatives exchange and clearing house operator said in December it would buy the owner of the New York Stock Exchange in a deal that also gives ICE control of Liffe, Europe's No. 2 derivatives market. The transaction had been expected to close on Monday, Nov. 4, but ICE said on Wednesday that while there were no substantive issues remaining, certain European regulators needed more time to review the takeover. The deal, which consists of around 75 percent shares and 25 percent cash, was worth 10.9 billion as of Nov. 1. Shares of ICE and NYSE will cease to trade after Tuesday, Nov. 12, and the shares of the merged company will begin trading the next day under the ticker symbol "ICE" on the New York Stock Exchange. ICE Chief Executive Jeff Sprecher, who helped start the company in 2000 and built it up through a series of deals, said on a call with analysts on Tuesday that ICE would move quickly to integrate the parts of NYSE it plans to keep, while unloading other parts of the business. Sprecher has had a history of eliminating the trading floors of the exchanges his company has bought, but has vowed to keep open the floor of the New York Stock Exchange, which traces its origins back to an agreement signed under a buttonwood tree on Wall Street in 1792. ICE said in December it expects to cut the majority of $450 million of run-rate expenses from the combined company by the second full year after the deal closes. NYSE's website says the company has 2,993 employees, while ICE had 1,121 employees as of Sept. 30, according to a recent regulatory filing. ICE also plans to spin off Euronext, which includes the Paris, Amsterdam, Brussels and Lisbon stock exchanges, in an IPO likely some time next year. Link this Share this Digg this Email Print Reprints

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