No dismissalOther shareholders are inclined

Having gathered an overwhelming majority of the shareholders of Euronext, the proposed merger of the Pan-European stock exchange with the Nyse is on track. After approval yesterday in Amsterdam from 98.2 of carriers present or represented at the General Assembly, which accounted for 65 of the voting rights, the operation of reconciliation should be in turn approved by the shareholders of the New York place today.

"The General Assembly was a step and a condition for the merger." "It is satisfactory that it is approved by a large majority of shareholders," welcomed Jean-François Theodore at the end of the meeting, stating that the operation to create the first intercontinental stock market would take three months. "We are ready for a second movement of consolidation in the European market and, in the future, on the Asian markets", anticipates President of Euronext.

Despite the magnitude of the result of the vote, only 50 shareholders attended the meeting. Could expect a less free and massive because of criticism of the Dutch success these past few weeks. But the letter of the Ministry of finance for the operation, published the day before of the General Assembly, has had a positive psychological impact. The Robeco asset management company, which until Monday night was still against the operation, had finally voted in favour. Similarly, the appointment of two other members whose one of Dutch nationality in the Council of supervision of Euronext, the time of the reorganization after the closing of the offer, appears to correct the past reticence.

No dismissal

Other shareholders are inclined. "There was no alternative after the withdrawal of the offer of Deutsche Börse", resolved the Paris stock exchange Action association. Finally, there are those who voted against in principle. "Why to ally themselves with the Americans while when New York coughs, Europe catches cold", said a small carrier.

Reassuring in his preliminary remarks by recalling the 275 million euros of cost synergies expected and the $ 100 million of additional turnover, Jean-François Theodore did however not dispelled all fears. Well, he assured the representatives of the employees that no termination was the order of the day. He also stated to small carriers that Nyse titles they would receive no were not overvalued, thus foreshadowing no hasty fall.

However, several practical issues, which some have remained unanswered, did not fail step of tarabuster shareholders. The association of the small Dutch carrier VEB application including when effective integration between the two awards will take place, knowing that that in Euronext will not wrap up until 2008 for the delivery-part.

Another pragmatic question on the effective functioning of a Board of Directors comprising 22 members. "This is the initial situation and the number of members will be reduced in due time," said Jean-François Theodore.

Finally, the question was asked to find out if the remuneration of the future leaders would be modelled on the methods American or European. "This point was not discussed, but it would hold up the levels in effect on respective national markets," said Jan-Michiel Hessels, Chairman of the Board of supervision of Euronext.

Endorsed by shareholders, the merger operation must now cross the remaining regulatory barriers before the formal launch of an offer. In addition to the final approval of the regulation of the markets concerned authorities, the formal agreement of the Ministry of Finance of the Hague is expected here in late January. One of its recent requirements could be on its jurisdiction to enter the Foundation responsible for safeguarding the regulatory environment, if adventure violations were identified.