Deutsche Boerse to sue EC for blocking merger
Deutsche Boerse is to file a lawsuit against the EC for blocking its merger with NYSE Euronext.
Deutsche Boerse has revealed it intends to sue the European Commission (EC) after the body ruled to block its proposed merger with NYSE Euronext.
This deal was valued at $9 billion (£5.7 billion) and the EC claimed it would have resulted in the global exchange of European financial derivatives being controlled by a monopoly.
Joaquin Almunia, vice-president of the EC and responsible for competition, pointed to this commission ruling during the New Frontiers of Antitrust 2012 - Revue Concurrences as evidence of the organisation's determination to ensure a functional marketplace and to support the interests of consumers and businesses.
"Deutsche Boerse is of the view that several aspects of the decision are incorrect," the Frankfurt stock exchange operator said in a statement.
It revealed it intends to bring a lawsuit to Luxembourg's European Court.
This is not the first time this situation has occurred, with General Electric using negotiation techniques to unsuccessfully appeal against an EC decision to block its tie-up with Honeywell in 2001.
Posted by Ken Hayes
Source: Press reports, March 19th