PARIS, March 27: A vast transatlantic stock market emerged on Tuesday when the New York Stock Exchange won control of pan-European market operator Euronext, creating an entity worth $29 billion linking trading platforms in six cities.

The two markets said in a statement that the NYSE had acquired 91.42 per cent of Euronext capital and 92.22 per cent of the voting rights according to a provisional tally of shareholder acceptances.

The new leviathan, creating the first inter-continental stock market capitalised at about 22 billion euros, will bring markets in New York, Paris, Brussels, Amsterdam and Lisbon under one group and will also include the Liffe financial futures market in London.

The NYSE and Euronext hope that by coming under one roof, they will be able to increase the amount of their business as each will be open to customers of the other. The two companies will also be able to share the costs of computer systems and administration, saving $375 million (284 million euros) in 2009.

The NYSE and Euronext said the French stock market regulator AMF would publish definitive results of the offer on Friday, after which it would be extended for 10 trading sessions.

The extension would allow the NYSE to acquire at least 95 per cent approval from Euronext shareholders, the level needed for the European group to be withdrawn from stock market listings.

Trading in shares of the new company, to be known as NYSE Euronext, would begin on April 4 in Paris and New York.

Jan-Michiel Hessels, chairman of the Euronext advisory board and future chairman of NYSE Euronext, said the combined entity would be “the world's largest exchange group” and would “generate cost and revenue synergies that will serve both our clients and our shareholders.” Marshall Carter, NYSE group chairman and future deputy chairman of NYSE Euronext, also spoke of “the many benefits of this combination to all of our stakeholders, particularly our customers and shareholders.” The success of the venture had never been in doubt after shareholders at the end of December gave near unanimous approval for the tie-up.—AFP