Market watch: takeover struggle involving CBoT

On last Thursday morning the Intercontinental Exchange (ICE) made a purchase offer for CBoT Holdings, the operator of the Chicago Board of Trade. Last October CBoT had already accepted to merge with the Chicago Mercantile Exchange Holdings (CME).

Unlike a CME/CBOT combination, ICE believes there are no significant antitrust risks in an ICE/CBoT combination. There is no indication as to when the outcome of the regulatory review of the CME/CBoT combination by the U.S. Department of Justice will become known. ICE and CBOT have complementary product offerings and an ICE/CBoT combination would have virtually no product overlap.

Sources: NZZ, ICE


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