FRANKFURT (Reuters) – D.Boerse CEO eyes new allies as NYSE deal crumbles Deutsche Boerse (DB1Gn.DE) does not believe it can survive in the long term without a new partner despite the collapse of its proposed $7.4 billion merger with NYSE Euronext (NYX.N), its chief executive told a German newspaper.
“We need to fight even harder and pay attention to customers, innovation, market penetration and costs. And we will and must examine further alliances,” CEO Reto Francioni told the Financial Times Deutschland in comments to be published in the Monday edition.
Francioni, who said he has no plans to step down or surrender his bonus for 2011, attacked the European Commission’s decision to block the merger and said the exchange operator would consider taking Brussels to court over it.
It made absolutely no sense, he said, for the Commission to claim the combined entity would have a dominant position in the derivatives market because Brussels ignored the huge amount of over-the-counter trading conducted directly among banks.
On Thursday, Boerse and NYSE terminated their merger plans after the European Commission blocked the deal to prevent handing the combined group a “near monopoly”.
The company will now focus on a handful of issues to spur internal growth, Francioni
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