Chicago Mercantile Exchange Holdings Inc. and CBOT Holdings, Inc. announced today that they have received clearance from the U.S. Department of Justice to complete their proposed merger without conditions.
“Throughout the review process we have remained confident of receiving approval from the Department of Justice, and today’s announcement allows for the marketplace to have a clear view of our merger prospects,” said CME executive chairman Terry Duffy. “Only our merger allows shareholders and customers to benefit from the greater ability of a combined CME and CBOT to generate growth and achieve synergies with significantly lower integration risk. We look forward to completing our transaction and integrating our two exchanges.”
“As a combined entity, CME Group will be well positioned to compete internationally and with the far larger over the counter market,” said CBOT chairman Charlie Carey, in a news release. “We look forward to the vote of both companies’ shareholders on July 9 to realize the full benefits of the merger and to bring these two great institutions together.”
“We have maintained since our merger agreement last October that the Department of Justice would approve our merger,” said CME chief executive officer Craig Donohue. “Moving forward with this transaction will allow us to provide increased efficiencies, new trading opportunities, industry leading trading and clearing platforms and a combined track record of significant product innovation to our customers worldwide.”
“As we speak with our members, shareholders and customers, we are ever more convinced that the strategic fit of the CME/CBOT combination is truly in the best interest of all our stakeholders, providing low integration risk and long-term value,” added Bernard Dan, CBOT chief executive. “The new entity will be poised to compete on a global basis in an environment that is changing almost daily, allowing our customers access to new markets and new products.”