With merger proposals on the table from both Deutsche Boerse AG and NYSE Inc. the board of Euronext says that the NYSE currently appears more attractive.

The preference was announced before Euronext’s annual general meeting today. “The supervisory board and managing board of Euronext consider that the transaction with NYSE currently offers the most attractive combination,” it says. It adds that shareholders’ views will be considered by the board before making a final recommendation to the shareholders at a future meeting.

The NYSE argues that the advantages of a combined NYSE Group-Euronext include: creating the world’s largest and most liquid global securities marketplace with a combined market capitalization of US$21 billion (16 billion euros); market leadership position in a diverse set of large and growing businesses, including cash equities, listings, equity options and futures, bonds and market data; and, the world’s premier listing venue, with a total global market capitalization of listed companies at US$27 trillion (21 trillion euros), nearly three times that of the next largest marketplace and more than that of the next four exchanges combined; cost and revenue synergies totalling US$375 million (293 million euros).

Under terms of the proposal, each share of NYSE Group will be converted into one share of common stock of the combined company, which will be named “NYSE Euronext.” Holders of Euronext ordinary shares will be offered the right to exchange each of their shares for 0.980 shares of NYSE Euronext stock and 21.32 euros in cash. The common stock of the combined company will be listed on both the New York Stock Exchange and Euronext, and traded in the local currency on each market.

Deutsche Boerse says that its Euronext merger proposal would give shareholders a combination of shares in a new combined company and cash. It anticipates synergies of €300 million.

Deutsche Boerse anticipates that the new firm will pay out approximately 2 billion euros in cash to shareholders tendering their shares. The transaction terms also assume Euronext will pay to its shareholders its ordinary dividend of 1 euro per share this year and its previously announced extraordinary dividend of 3 euros per share.

It anticipates IT cost synergies of approximately 100 million euros, non IT cost synergies of approximately 90 million euros and revenue synergies of approximately 110 million euros. Deutsche Boerse also intends to grant benefits of 60 million euros to customers of the combined group.

“Deutsche Boerse strongly believes that this transaction represents the most attractive combination for shareholders, customers and the financial centers involved. Furthermore it is the only option available at this point that accelerates to the further integration of European financial markets within a European regulatory environment,” it says.

John Thain, CEO at NYSE Group, says that under his deal, “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.”