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Deutsche Boerse pushes for Euronext

The operator of the Frankfurt stock exchange Deutsche Boerse has stepped up its attempts to merge with the Euronext stock market in the face of a rival bid from the New York Stock Exchange (NYSE).

In revealing the financial details of their bid, the German company made an offer of $11.1 billion in a mixture of cash and shares, valuing Paris-based Euronext at $98.46 a share compared with NYSE's valuation of $91.27 a share.

Deutsche Boerse also argued that the gross synergies that would be produced by the merger would be greater than those from a deal with the NYSE, around $386 million compared with the NYSE's $876.

Commenting on the proposed merger plans, the German stock exchange operator claimed in a statement that its offer should be preferred to the NYSE rival bid.

"Deutsche Boerse strongly believes that this transaction represents the most attractive combination for shareholders, customers and the financial centres involved," it said.

However, Euronext have already said that, at present, the American rival bid is the most attractive.

Euronext is Europe's second largest stock market and futures exchange, and any deal with Deutsche Boerse will create Europe's biggest stock market.

Euronext shareholders are expected to decide at today's annual general meeting which offer to accept.