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NYSE says to spin off, not sell Euronext


NYSE Euronext with spin off European stock exchange group Euronext via an initial public offer rather than sell it following its merger with InterContinentalExchange (ICE), a senior executive said Thursday.

"It will be an IPO," said deputy chief executive Dominique Cerutti on the sidelines of the launch of EnterNext, NYSE Euronext's new exchange for small and medium-sized companies.

There has been speculation recently in the media about which other exchanges or investment funds which might want to buy Euronext, which groups the Paris, Amsterdam, Brussels and Lisbon bourses.

ICE, which made an $8.2-billion (6.3-billion-euro) offer for NYSE Euronext in December, plans to unload Euronext after the transaction is complete.

Cerutti said intense work was under way to obtain the green light of regulators, particularly in Europe, for the merger.

He said ICE would hold the IPO for Euronext "very likely in the first half of 2014".

He said talk of a sale of Euronext was likely started by competitors.