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Euronext Reports Profits Soar 97 Percent

Euronext Reports Profits Soar 97 Percent

by Rick Turoczy on August 30, 2006

Euronext said expenses increased by euro16.3 million (US$20.88 million), partly because of legal and advisory costs linked to its planned US$10 billion merger with NYSE Group Inc.

The plan will be put to a vote at a Euronext general meeting in early December. The company said it aims to complete the merger in the first quarter of 2007.

A key element in the merger is for the combined business to attract foreign company listings. The London Stock Exchange currently dominates this market. Many foreign companies have been reluctant to list on the NYSE because of restrictions imposed under the Sarbanes-Oxley Act since 2002.

Euronext CEO Jean-Francois Theodore reiterated Wednesday that the terms of Sarbanes-Oxley will not be applied to Euronext.

Euronext Reports Profits Soar 97 Percent

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