The merger between exchange groups NYSE Euronext and Deutsche Börse has moved a step closer with over 80% of the German exchange's shareholders giving their blessing to the deal.
A statement from NYSE Euronext said that it had been notified by Deutsche Börse that the shareholder vote held on 13 July had surpassed the 75% threshold required to approve the deal.
In a special shareholder meeting held at the beginning of July, 96% of NYSE Euronext shares were tendered in approval of the merger.
According to the exchanges, the deal will lead to cost synergies of US$798 million, including US$580 in cost savings and US$218 million in new revenue opportunities. The combined entity will have a market capitalisation of over US$9 billion.
However, the completion of the deal is still subject to approval by competition and regulatory authorities, which are expected to focus on the dominant position in European derivatives that would be created by the combined firm.
NYSE Euronext operates Liffe, the London-based derivatives exchange it purchased in 2001, while Deutsche Börse now has full control of Eurex, following SIX Swiss Exchange's sale of its stake in the venue last month.
European regulators are expected to report on the deal on 4 August.
Regulatory and shareholder concerns have stifled a number of trading venue mergers in recent months. Most recently, the London Stock Exchange cancelled its merger with Canada's TMX Group citing an expected lack of shareholder support prior to the TMX shareholder vote, while the Australian government rejected a deal to sell the Australian Securities Exchange to the Singapore Exchange on grounds of national interest.
Authorities have also held up the purchase of European multilateral trading facility Chi-X Europe, by Kansas-based market operator BATS Global Markets. The deal, which had been expected to complete in the summer period, was referred to the UK's Competition Commission on 20 June, delaying it until December 2011 at least.