CME gets go-ahead to acquire Nymex, solidifies lead position
22 Aug 2008
The New York Mercantile Exchange members and shareholders approved the $8.3bn bid to buy it by CME Group on Monday. The deal consolidates CME Group’s position as the dominant futures exchange for financials and commodities.
The acquisition is a coup for CME Group, which bought Chicago Board of Trade in July 2007 for some $11bn. Nymex, which went public in 2006, is the world’s largest energies and metals exchange with a successful OTC platform in ClearPort.
Analysts say CME has been making a strong push to buy Chicago Board Options Exchange.
The CME has completed the exercise rights issues and has an offer for CBOE in place. CBOE executives have often said they are speaking with many interested suitors but also appear to be leaning toward taking the exchange public.
Nymex also has stakes in other markets including a joint-venture in the Middle East with...
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