NASDAQ drops bid for NYSE CCTV News - CNTV English

NASDAQ drops bid for NYSE CCTV News - CNTV English

NASDAQ drops bid for NYSE

05-17-2011 10:58 BJT

Nasdaq and the Intercontinental Exchange have withdrawn their joint 11 billion US dollar bid, for the parent of the New York Stock Exchange. The move came after the US Department of Justice said merging the NYSE and Nasdaq could create a monopoly.

The Department pointed out that 100 percent of the top 500 companies based in the U.S. are listed on either the NYSE or Nasdaq. The merger would have substantially eliminated competition for such corporate stock listing services, and other data products. The decision paves the way for NYSE's previous 10 billion US dollar deal, to combine with Deutsche Boerse.

Nasdaq said in a statement that it is disappointed with the conclusion, so were investors. Its shares fell 68 cents on Monday. NYSE Euronext shares also dropped 12.6 percent.

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