It appears that the proposed merger of Chicago Mercantile Exchange Holdings Inc. and CBOT Holdings, Inc. will go ahead, after the firms announced that preliminary results indicate the shareholders of both companies have approved the deal.
The results of the CBOT shareholder and member votes are subject to official certification by the independent inspectors of election, IVS Associates, which is expected to occur in the next few days. The companies expect to complete the merger once IVS has certified the results.
“We are pleased that shareholders of both companies have demonstrated support for this groundbreaking merger,” said CME executive chairman Terry Duffy, in a news release. “The combination of CME and CBOT creates a strong international company better positioned to compete with growing global exchanges and the over-the-counter market. The combined company will transform the global derivatives industry and create efficiencies for customers and members while delivering significant benefits to our shareholders.”
“Yesterday’s votes clear the way for us to combine our two great exchanges and begin delivering the value of the merger to our customers and shareholders,” said CBOT chairman Charles Carey. “We look forward to building on our shared legacies of superior customer service, product innovation and industry leadership to capitalize on the terrific growth opportunities we see in this global marketplace.”
Upon completion of the merger, the combined company, which will be called CME Group Inc., a CME/Chicago Board of Trade Company, will be the world’s largest and most diverse exchange, providing products in all major benchmark asset classes.
CME and CBOT shareholders approve merger
Companies expect to complete historic combination within days
- By: James Langton
- July 10, 2007 July 10, 2007
- 08:35