Börsenschlacht: CME übernimmt CBOT für 8 Milliarden Dollar
CME to buy CBOT for $8 billion
NEW YORK, Oct 17 (Reuters) - Chicago Mercantile Exchange Holdings Inc. <CME.N> said on Tuesday it would acquire CBOT Holdings Inc. <BOT.N> for $8 billion. The following are comments from market sources on the deal:
COMMENTARY:
BOYD CRUEL, ANALYST AT CHICAGO-BASED ALARON TRADING CORP.
"It's definitely going to be a good thing for both exchanges merging here.
"I think both members are going to be really happy. They are just basically going to be battling the other exchanges in the world. It's all Chicago."
BETH MALLOY, BOND MARKET ANALYST, BRIEFING.COM, CHICAGO:
"This has been in the works for a while. They have been combining services over the years. Although a big deal, this has been in the offing and is not a big surprise. In the bond market I don't think they will be taken aback at all by it, but it will be good for the seat holders."
RANDY FREDERICK, DIRECTOR OF DERIVATIVES AND CORPORATE
MARKET DATA AT CHARLES SCHWAB IN AUSTIN, TEXAS
"I'm shocked by this. These are probably the two wealthiest, most powerful futures exchanges in this country, and combining them makes almost a Microsoft-type entity, where they're monstrous and hard to compete with.
"The CBOT and CME don't have a lot of overlap in terms of products. This merger creates a single entity with a wide breadth of products."
VICTORY NEWBRIDGE RESEARCH HEAD ERICK MARONAK, WHOSE FIRM
HAS MADE CME SHARES ONE OF ITS TOP HOLDINGS.
"This deal has been long awaited. It's made sense from the very beginning. The combined entity is an indisputable powerhouse."
"The CME clears trades for the CBOT, so it always had the advantage of being a vertically integrated company, from trading to clearing. You reduce the friction by having it all done in-house. We expect good things.
"They have to keep moving forward. It's a very dynamic business and in as much they have a huge competitive advantage over other companies in the liquidity they have, no competitive advantage is insurmountable. If you grow complacent, you lose share and they've been pretty good about not doing that.
"This deal may be a little dilutive, but CME generates a lot of free cash flow and it's got to do something with it. And this deal makes perfect sense. The strategic positives of this deal far overshadow any minimal dilution that comes of it."
JIM CLARKSON, LIVESTOCK ANALYST, A&A TRADING INC.
"The expense of the Exchange for the floor is 'X' and when they merge the two floors you cut that expense nearly in half, so it good for the longevity of the floor ... It's a win-win situation."
"It will keep Chicago as the futures capital of the world."
SANG LEE, AITE GROUP
"They had been talking about it for many years now, ever since they were slammed by other derivatives exchanges, especially those in Europe. They now share back office clearing operations, so there were definite reasons to merge.
"(The) overall trend has been consolidation among the exchanges, so this is probably as good good timing as any. The combination of the two makes them a lot more competitive going forward, especially with the European exchanges."
JEFF SCHAPPE, CHIEF INVESTMENT OFFICER, BB&T ASSET
MANAGEMENT, RALEIGH, NORTH CAROLINA
"At first blush, it looks like the same forces that are causing the major equity exchanges to look for mergers -- cut costs, boost volumes and offer better service. It is very similar to eBay, the more customers and sellers and buyers you have, the more valuable the marketplace itself is. "I think it is a big deal for the exchanges. It is going to have an impact on there. It tends to validate certain valuations."
DALE GUSTAFSON, GRAINS ANALYST WITH CITIGROUP IN CHICAGO
The deal would have no impact on the agricultural trading activity, he said. "I really don't see it as a market functioning issue,"
Chicago Merc to Buy Board of Trade for $8 Billion
By Annie Pinkert
Oct. 17 (Bloomberg) -- The Chicago Mercantile Exchange, the world's biggest financial market by market value, agreed to buy the Chicago Board of Trade for about $8 billion, creating the largest derivatives exchange.
Stockholders will receive 0.3006 shares of CME Class A common stock for each share or an equal amount in cash, the companies said in a statement today. The new firm, to be called CME Group Inc., will be owned 69 percent by Chicago Merc shareholders.
The company will provide customers access to exchange-traded derivatives based on U.S. interest rate yield curve, equity indexes, foreign exchange, agricultural and industrial commodities, energy and alternative investment products such as weather and real estate. Terrence A. Duffy, chairman of CME, will be chairman of the combined company. CBOT Chairman Charles P. Carey will serve as vice-chairman.
Chicago Board of Trade shares rose about 16 percent to $156.20 at 8:31 a.m. in New York. The shares were up 43 percent this year as of the close of trading yesterday. CME shares have risen 37 percent this year. They climbed about 4 percent in early trading, to $522.53.
CME & CBOT to Merge, Creating $25 Bil. Premier Global Derivatives Exchange
CME and CBOT to Merge, Creating $25 Billion Premier Global Derivatives Exchange
CHICAGO, Oct. 17, 2006 – Chicago Mercantile Exchange Holdings Inc. (NYSE, NASDAQ: CME) and CBOT Holdings, Inc. (NYSE: BOT) today announced they have signed a definitive agreement to merge the two organizations to create the most extensive and diverse global derivatives exchange. The combined company, to be named CME Group Inc., a CME/Chicago Board of Trade Company, is expected to transform global derivatives markets, creating operational and cost efficiencies for customers and exchange members, while delivering significant benefits to shareholders. Corporate headquarters of the combined organization will remain in Chicago.
The combined company will bring together two proven industry-leading innovators to create a single company, strengthening its ability to grow in an increasingly competitive environment. With leading global derivatives trading in all major asset classes, the combined company will provide one of the world’s most liquid marketplaces, with average daily trading volume approaching 9 million contracts per day, representing approximately $4.2 trillion in notional value. The combined company will provide customers efficient, global access to a wide array of benchmark exchange-traded derivatives based on U.S.interest rate yield curve, equity indexes, foreign exchange, agricultural and industrial commodities, energy and alternative investment products such as weather and real estate.
Transaction Structure
CBOT stockholders will have the right to receive 0.3006 shares of CME Class A common stock per share of CBOT Class A common stock (the exchange ratio) or to elect an amount in cash per share equal to the value of the exchange ratio based on a ten day average of closing prices of CME common stock at the time of the merger. The cash portion of the consideration is subject to a $3 billion aggregate limit and will be subject to proration if cash otherwise payable would exceed that limitation. If no stockholders elect to receive cash, stockholders of CME and CBOT would own approximately 69 percent and 31 percent of the combined company, respectively, and CME would issue approximately 15.9 million shares. Based on the closing stock prices of CME and CBOT on October 16, 2006, the last trading day prior to the announcement of the merger, the combined company is valued at $25 billion (CME equity $18 billion; CBOT equity $7 billion).The merger will not impact core trading rights or membership or clearing privileges at either exchange. The cash portion will be financed through cash on hand and debt financing, if necessary.
The combination is expected to be accretive to earnings in 12 to 18 months post close. We expect pre-tax cost savings of more than $125 million beginning in the second full year following the closing.
Governance
When the merger is completed, Terrence A. Duffy, Chairman of CME, will become Chairman of the combined organization. Charles P. Carey, Chairman of CBOT, will become Vice-Chairman of the combined organization. Craig S. Donohue, Chief Executive Officer of CME, will become Chief Executive Officer of the combined organization. Bernard W. Dan, Chief Executive Officer of CBOT, will remain in his current position focusing on overseeing CBOT’s activities, products, and customers until the transaction is complete, at which time he will serve as Special Advisor to the combined company for one year. The Board of Directors of the combined company initially will be comprised of 29 directors, 20 directors designated by CME and 9 directors by CBOT.
“We are very pleased to announce this strategic merger today,” said CME Chairman Terry Duffy. “We have enjoyed a strong, productive relationship with CBOT for a number of years, including our historic clearing agreement in 2003 in which CME began clearing all CBOT trades. This merger takes us to the next level in the evolution of our high-growth business. We now will be able to combine the capabilities and best practices of both organizations – establishing an even stronger, more competitive position than either could achieve individually. I am personally very proud to have this opportunity to work so closely with our counterparts at CBOT to complete this momentous transaction for the benefit of our customers and shareholders.”
“This is a landmark agreement for our companies, our industry and the city of Chicago,” said Charlie Carey, CBOT Chairman. “Since CBOT began offering the world’s first agricultural futures contracts in 1848, we have been at the forefront of derivatives trading. By combining our leading institutions, we will be better positioned to continue our traditions of innovation and leadership. As a single entity, we will be the world’s premier financial marketplace in terms of product breadth, global reach and market capitalization and ensure that Chicago remains the center for risk management worldwide.”
“Growth in the global derivatives industry is accelerating and new competitors are emerging in exchange, over-the-counter and other unregulated markets,” said Craig Donohue, CME Chief Executive Officer. “As a combined company, we will be better positioned to capitalize on these trends and compete more effectively as our industry continues to transform. We have consistently said that we would focus our merger and acquisition efforts on infrastructure cost savings opportunities in order to create value for our customers and shareholders. This merger will allow us to offer our diverse product set on the CME Globex trading platform and to facilitate all open outcry trading on CBOT’s trading floor, while clearing all transactions through CME Clearing. As a result, customers will benefit from the broadest range of distinct products, increased efficiencies and unsurpassed liquidity.”
“Our merger with CME lays a strong foundation for the continued growth of our combined company,” said Bernie Dan, CBOT Chief Executive Officer. “We are bringing together CBOT’s benchmark products, global distribution and customers with CME’s already diverse product portfolio and developed global relationships to bring added value to our combined customers. We are committed to working with CME’s leadership to close this transaction and unlock the tremendous potential we believe the combined company will deliver to its shareholders.”
Strategic Benefits of the Transaction
* Accretive Transaction: The parties expect the transaction to become accretive to earnings within 12 to 18 months after the closing.
* Synergy Opportunities: Anticipated pre-tax cost savings of more than $125 million annually, beginning in the second full year following the closing, driven primarily by technology, administrative and trading floor-related cost reductions.
* Operational Efficiencies: Expected customer benefits derived from consolidating trading floor operations into a single facility at CBOT, unifying IT operations and eventually moving CBOT products onto CME Globex®.
* Strategic Position: Broader platform to grow core business, innovate new products including over-the-counter offerings, and fully develop the pre-existing strategic initiatives and partnerships of both organizations.
The transaction is expected to close by mid-year 2007, pending approvals by regulators, and shareholders of both companies and CBOT members, as well as completion of customary closing conditions.
Lehman Brothers and William Blair are acting as financial advisors to CME and Skadden, Arps, Slate, Meagher & Flom LLP is acting as CME’s legal advisor. JPMorgan is acting as sole financial advisor to CBOT and Mayer, Brown, Rowe & Maw LLP is acting as CBOT’s legal advisor.
Representatives who are serving on the CME transaction committee include: Terry Duffy; Craig Donohue; Phupinder Gill, CME President and Chief Operating officer; and CME Board members Leo Melamed, Chairman Emeritus; and Jack Sandner, retired Chairman. Representatives who are serving on the CBOT transaction committee include: Directors Charlie Carey, Bernard Dan, Joseph Niciforo, Christopher Stewart, and CC Odom II.
“I’m so proud to have been a part of the evolution of this dynamic industry,” said Leo Melamed, CME Chairman Emeritus, “and pleased that today’s announcement further demonstrates the pioneering leadership of our two innovative exchanges.”
“Through this merger, we combine the rich histories and vast experience of two of Chicago’s leading financial institutions,” said Jack Sandner, retired CME Chairman. “Together, we will continue to develop new ways to meet the needs of customers around the world.”
A special transaction committee of the CBOT is being advised by its financial advisor, Lazard Freres & Co., LLC, and is being advised on legal matters by Latham & Watkins LLP.
The Combined Company
The combined company will be the most extensive and diverse derivatives exchange in the world and will offer the:
* Highest derivatives volume, with average daily volume approaching 9 million contracts per day and notional value of approximately $4.2 trillion per day based on recent results
* Leading derivatives clearing facility in the world based on volume
* Premier marketplace for interest rate trading for the U.S. dollar-denominated yield curve, including CME Eurodollar futures, the most actively traded futures contract, and the CBOT 10-year U.S. Treasury Note futures, the third most actively traded futures product
* Leading market for equity index derivatives trading, including futures and options on futures on major U.S. equity indexes
* Leading regulated marketplace for foreign exchange derivatives trading
* Leading agricultural trading complex consisting of grains and livestock futures contracts; the largest electronically traded agricultural futures complex.
* Leading technology providing global access to benchmark products in all major asset classes around the clock, around the world on the CME Globex platform
User Benefits
* Access to distinct products and services as well as innovative new product offerings on an integrated platform
* Pipeline of new and innovative products and functionality
* Increased efficiencies through consolidated systems and combined open-auction trading environments
* Integrated market data services
* Seamless continuation of current clearing arrangement, which secures existing margin benefits for customers
CME and CBOT will hold an investor call and webcast today at 8:30 a.m. Eastern Time / 7:30 a.m. Central Time to discuss this morning’s announcement. Presentation materials can be accessed through the investor relations section of the CBOT Holdings Web site at http://www.cbot.com and CME’s Web site at http://www.cme.com. To participate in the call, dial 800.659.2032, conference code CBOT Holdings. International callers should dial 617.614.2712. The call will also be simultaneously webcast on CBOT’s Web site at http://www.cbot.com.
A replay of the conference call will be available later today, and through November 17, 2006 and can be accessed by dialing 888.286.8010, conference code 24590429. International callers can access the replay by dialing 617.801.6888. The replay will also be available at http://www.cme.comand http://www.cbot.com.
About CME
CME Holdings became the first publicly traded U.S. financial exchange on Dec. 6, 2002. The company was added to the S&P 500® Index on August 10, 2006, and the Russell 1000® Index on July 1, 2003. It is the parent company of Chicago Mercantile Exchange Inc. (http://www.cme.com), the largest and most diverse financial exchange in the world. As an international marketplace, CME brings together buyers and sellers on its CME Globex electronic trading platform and on its trading floors. CME offers futures and options on futures primarily in interest rates, equities, foreign exchange, commodities, energy and alternative investments. The exchange managed $47.2 billion in collateral deposits at June 30, 2006, including $4.6 billion in deposits for non-CME products.
CME, Chicago Mercantile Exchange Inc. and CME Globex are registered trademarks of CME and other trade names, service marks, trademarks and registered trademarks that are not proprietary to CME are the property of their respective owners, and are used herein under license. Further information about CME and its products are available on the CME Web site at http://www.cme.com.
About CBOT
As one of the leading global derivatives exchanges, CBOT provides a diverse mix of financial, equity and commodity futures and options-on-futures products. Building on its 158-year history, CBOT continues to advance into the future using the strength of deep liquidity, market integrity and member-trader expertise. Using superior trading technology in both electronic and open-auction trading platforms, CBOT provides premier customer service to risk managers and investors worldwide. For more information, visit the CBOT Web site at http://www.cbot.com.
Forward-Looking Statements
This press release may contain forward-looking information regarding Chicago Mercantile Exchange Holdings Inc. and CBOT Holdings, Inc. and the combined company after the completion of the merger that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the benefits of the business combination transaction involving CME and CBOT, including future financial and operating results, the new company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on current beliefs, expectations, forecasts and assumptions of CME and CBOT’s management which are subject to risks and uncertainties which could cause actual outcomes and result to differ materially from these statements. Other risks and uncertainties relating to the proposed transaction include, but are not limited to the satisfaction of conditions to closing; including receipt of shareholder, member, antitrust, regulatory and other approvals on the proposed terms and schedule; the proposed transaction may not be consummated on the proposed terms and schedule; uncertainty of the expected financial performance of CME following completion of the proposed transaction; CME may not be able to achieve the expected cost savings, synergies and other strategic benefits as a result of the proposed transaction or may take longer to achieve the cost savings, synergies and benefits than expected; the integration of CBOT with CME’s operations may not be successful or may be materially delayed or may be more costly or difficult than expected; general industry and market conditions; general domestic and international economic conditions; and governmental laws and regulations affecting domestic and foreign operations.
For more information regarding other related risks, see Item 1A of CME’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005 and Item 1A of CBOT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005. Copies of said 10-Ks are available online at http://www.sec.gov or on request from the applicable company. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Except for any obligation to disclose material information under the Federal securities laws, CME and CBOT undertake no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this press release.
Important Merger Information
In connection with the proposed merger of CME and CBOT, the parties intend to file relevant materials with the Securities Exchange Commission (“SEC”), including a joint proxy statement/prospectus regarding the proposed transaction. Such documents, however, are not currently available. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors will be able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about CME and CBOT without charge, at the SEC’s website (http://www.sec.gov) once such documents are filed with the SEC. Copies of the joint proxy statement/prospectus can also be obtained, without charge, once they are filed with the SEC, by directing a request to Chicago Mercantile Exchange Holdings Inc., Attention: Shareholder Relations, 20 S. Wacker Drive, Chicago, Illinois 60606 , (312) 930-1000 or CBOT Holdings, Inc., Attention: Investor Relations, at 1141 West Jackson, Chicago, Illinois 60604, (312) 435-3500.
CME and CBOT and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from CME and CBOT. shareholders in respect of the proposed transaction. Information regarding CME and CBOT’s directors and executive officers is available in their respective proxy statements for their 2006 annual meeting of stockholders. Additional information regarding the interests of such potential participants will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
CME and CBOT to Merge, Creating $25 Billion Premier Global Derivatives Exchange
CHICAGO, Oct. 17, 2006 – Chicago Mercantile Exchange Holdings Inc. (NYSE, NASDAQ: CME) and CBOT Holdings, Inc. (NYSE: BOT) today announced they have signed a definitive agreement to merge the two organizations to create the most extensive and diverse global derivatives exchange. The combined company, to be named CME Group Inc., a CME/Chicago Board of Trade Company, is expected to transform global derivatives markets, creating operational and cost efficiencies for customers and exchange members, while delivering significant benefits to shareholders. Corporate headquarters of the combined organization will remain in Chicago.
The combined company will bring together two proven industry-leading innovators to create a single company, strengthening its ability to grow in an increasingly competitive environment. With leading global derivatives trading in all major asset classes, the combined company will provide one of the world’s most liquid marketplaces, with average daily trading volume approaching 9 million contracts per day, representing approximately $4.2 trillion in notional value. The combined company will provide customers efficient, global access to a wide array of benchmark exchange-traded derivatives based on U.S.interest rate yield curve, equity indexes, foreign exchange, agricultural and industrial commodities, energy and alternative investment products such as weather and real estate.
Transaction Structure
CBOT stockholders will have the right to receive 0.3006 shares of CME Class A common stock per share of CBOT Class A common stock (the exchange ratio) or to elect an amount in cash per share equal to the value of the exchange ratio based on a ten day average of closing prices of CME common stock at the time of the merger. The cash portion of the consideration is subject to a $3 billion aggregate limit and will be subject to proration if cash otherwise payable would exceed that limitation. If no stockholders elect to receive cash, stockholders of CME and CBOT would own approximately 69 percent and 31 percent of the combined company, respectively, and CME would issue approximately 15.9 million shares. Based on the closing stock prices of CME and CBOT on October 16, 2006, the last trading day prior to the announcement of the merger, the combined company is valued at $25 billion (CME equity $18 billion; CBOT equity $7 billion).The merger will not impact core trading rights or membership or clearing privileges at either exchange. The cash portion will be financed through cash on hand and debt financing, if necessary.
The combination is expected to be accretive to earnings in 12 to 18 months post close. We expect pre-tax cost savings of more than $125 million beginning in the second full year following the closing.
Governance
When the merger is completed, Terrence A. Duffy, Chairman of CME, will become Chairman of the combined organization. Charles P. Carey, Chairman of CBOT, will become Vice-Chairman of the combined organization. Craig S. Donohue, Chief Executive Officer of CME, will become Chief Executive Officer of the combined organization. Bernard W. Dan, Chief Executive Officer of CBOT, will remain in his current position focusing on overseeing CBOT’s activities, products, and customers until the transaction is complete, at which time he will serve as Special Advisor to the combined company for one year. The Board of Directors of the combined company initially will be comprised of 29 directors, 20 directors designated by CME and 9 directors by CBOT.
“We are very pleased to announce this strategic merger today,” said CME Chairman Terry Duffy. “We have enjoyed a strong, productive relationship with CBOT for a number of years, including our historic clearing agreement in 2003 in which CME began clearing all CBOT trades. This merger takes us to the next level in the evolution of our high-growth business. We now will be able to combine the capabilities and best practices of both organizations – establishing an even stronger, more competitive position than either could achieve individually. I am personally very proud to have this opportunity to work so closely with our counterparts at CBOT to complete this momentous transaction for the benefit of our customers and shareholders.”
“This is a landmark agreement for our companies, our industry and the city of Chicago,” said Charlie Carey, CBOT Chairman. “Since CBOT began offering the world’s first agricultural futures contracts in 1848, we have been at the forefront of derivatives trading. By combining our leading institutions, we will be better positioned to continue our traditions of innovation and leadership. As a single entity, we will be the world’s premier financial marketplace in terms of product breadth, global reach and market capitalization and ensure that Chicago remains the center for risk management worldwide.”
“Growth in the global derivatives industry is accelerating and new competitors are emerging in exchange, over-the-counter and other unregulated markets,” said Craig Donohue, CME Chief Executive Officer. “As a combined company, we will be better positioned to capitalize on these trends and compete more effectively as our industry continues to transform. We have consistently said that we would focus our merger and acquisition efforts on infrastructure cost savings opportunities in order to create value for our customers and shareholders. This merger will allow us to offer our diverse product set on the CME Globex trading platform and to facilitate all open outcry trading on CBOT’s trading floor, while clearing all transactions through CME Clearing. As a result, customers will benefit from the broadest range of distinct products, increased efficiencies and unsurpassed liquidity.”
“Our merger with CME lays a strong foundation for the continued growth of our combined company,” said Bernie Dan, CBOT Chief Executive Officer. “We are bringing together CBOT’s benchmark products, global distribution and customers with CME’s already diverse product portfolio and developed global relationships to bring added value to our combined customers. We are committed to working with CME’s leadership to close this transaction and unlock the tremendous potential we believe the combined company will deliver to its shareholders.”
Strategic Benefits of the Transaction
>Accretive Transaction: The parties expect the transaction to become accretive to earnings within 12 to 18 months after the closing.
* Synergy Opportunities: Anticipated pre-tax cost savings of more than $125 million annually, beginning in the second full year following the closing, driven primarily by technology, administrative and trading floor-related cost reductions.
* Operational Efficiencies: Expected customer benefits derived from consolidating trading floor operations into a single facility at CBOT, unifying IT operations and eventually moving CBOT products onto CME Globex®.
* Strategic Position: Broader platform to grow core business, innovate new products including over-the-counter offerings, and fully develop the pre-existing strategic initiatives and partnerships of both organizations.
The transaction is expected to close by mid-year 2007, pending approvals by regulators, and shareholders of both companies and CBOT members, as well as completion of customary closing conditions.
Lehman Brothers and William Blair are acting as financial advisors to CME and Skadden, Arps, Slate, Meagher & Flom LLP is acting as CME’s legal advisor. JPMorgan is acting as sole financial advisor to CBOT and Mayer, Brown, Rowe & Maw LLP is acting as CBOT’s legal advisor.
Representatives who are serving on the CME transaction committee include: Terry Duffy; Craig Donohue; Phupinder Gill, CME President and Chief Operating officer; and CME Board members Leo Melamed, Chairman Emeritus; and Jack Sandner, retired Chairman. Representatives who are serving on the CBOT transaction committee include: Directors Charlie Carey, Bernard Dan, Joseph Niciforo, Christopher Stewart, and CC Odom II.
“I’m so proud to have been a part of the evolution of this dynamic industry,” said Leo Melamed, CME Chairman Emeritus, “and pleased that today’s announcement further demonstrates the pioneering leadership of our two innovative exchanges.”
“Through this merger, we combine the rich histories and vast experience of two of Chicago’s leading financial institutions,” said Jack Sandner, retired CME Chairman. “Together, we will continue to develop new ways to meet the needs of customers around the world.”
A special transaction committee of the CBOT is being advised by its financial advisor, Lazard Freres & Co., LLC, and is being advised on legal matters by Latham & Watkins LLP.
The Combined Company
The combined company will be the most extensive and diverse derivatives exchange in the world and will offer the:
* Highest derivatives volume, with average daily volume approaching 9 million contracts per day and notional value of approximately $4.2 trillion per day based on recent results
* Leading derivatives clearing facility in the world based on volume
* Premier marketplace for interest rate trading for the U.S. dollar-denominated yield curve, including CME Eurodollar futures, the most actively traded futures contract, and the CBOT 10-year U.S. Treasury Note futures, the third most actively traded futures product
* Leading market for equity index derivatives trading, including futures and options on futures on major U.S. equity indexes
* Leading regulated marketplace for foreign exchange derivatives trading
* Leading agricultural trading complex consisting of grains and livestock futures contracts; the largest electronically traded agricultural futures complex.
* Leading technology providing global access to benchmark products in all major asset classes around the clock, around the world on the CME Globex platform
User Benefits
* Access to distinct products and services as well as innovative new product offerings on an integrated platform
* Pipeline of new and innovative products and functionality
* Increased efficiencies through consolidated systems and combined open-auction trading environments
* Integrated market data services
* Seamless continuation of current clearing arrangement, which secures existing margin benefits for customers
CME and CBOT will hold an investor call and webcast today at 8:30 a.m. Eastern Time / 7:30 a.m. Central Time to discuss this morning’s announcement. Presentation materials can be accessed through the investor relations section of the CBOT Holdings Web site at http://www.cbot.com and CME’s Web site at http://www.cme.com. To participate in the call, dial 800.659.2032, conference code CBOT Holdings. International callers should dial 617.614.2712. The call will also be simultaneously webcast on CBOT’s Web site at http://www.cbot.com.
A replay of the conference call will be available later today, and through November 17, 2006 and can be accessed by dialing 888.286.8010, conference code 24590429. International callers can access the replay by dialing 617.801.6888. The replay will also be available at http://www.cme.com and http://www.cbot.com.
About CME
CME Holdings became the first publicly traded U.S. financial exchange on Dec. 6, 2002. The company was added to the S&P 500® Index on August 10, 2006, and the Russell 1000® Index on July 1, 2003. It is the parent company of Chicago Mercantile Exchange Inc. (http://www.cme.com), the largest and most diverse financial exchange in the world. As an international marketplace, CME brings together buyers and sellers on its CME Globex electronic trading platform and on its trading floors. CME offers futures and options on futures primarily in interest rates, equities, foreign exchange, commodities, energy and alternative investments. The exchange managed $47.2 billion in collateral deposits at June 30, 2006, including $4.6 billion in deposits for non-CME products.
CME, Chicago Mercantile Exchange Inc. and CME Globex are registered trademarks of CME and other trade names, service marks, trademarks and registered trademarks that are not proprietary to CME are the property of their respective owners, and are used herein under license. Further information about CME and its products are available on the CME Web site at http://www.cme.com.
About CBOT
As one of the leading global derivatives exchanges, CBOT provides a diverse mix of financial, equity and commodity futures and options-on-futures products. Building on its 158-year history, CBOT continues to advance into the future using the strength of deep liquidity, market integrity and member-trader expertise. Using superior trading technology in both electronic and open-auction trading platforms, CBOT provides premier customer service to risk managers and investors worldwide. For more information, visit the CBOT Web site at http://www.cbot.com.
Forward-Looking Statements
This press release may contain forward-looking information regarding Chicago Mercantile Exchange Holdings Inc. and CBOT Holdings, Inc. and the combined company after the completion of the merger that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the benefits of the business combination transaction involving CME and CBOT, including future financial and operating results, the new company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on current beliefs, expectations, forecasts and assumptions of CME and CBOT’s management which are subject to risks and uncertainties which could cause actual outcomes and result to differ materially from these statements. Other risks and uncertainties relating to the proposed transaction include, but are not limited to the satisfaction of conditions to closing; including receipt of shareholder, member, antitrust, regulatory and other approvals on the proposed terms and schedule; the proposed transaction may not be consummated on the proposed terms and schedule; uncertainty of the expected financial performance of CME following completion of the proposed transaction; CME may not be able to achieve the expected cost savings, synergies and other strategic benefits as a result of the proposed transaction or may take longer to achieve the cost savings, synergies and benefits than expected; the integration of CBOT with CME’s operations may not be successful or may be materially delayed or may be more costly or difficult than expected; general industry and market conditions; general domestic and international economic conditions; and governmental laws and regulations affecting domestic and foreign operations.
For more information regarding other related risks, see Item 1A of CME’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005 and Item 1A of CBOT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005. Copies of said 10-Ks are available online at http://www.sec.gov or on request from the applicable company. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Except for any obligation to disclose material information under the Federal securities laws, CME and CBOT undertake no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this press release.
Important Merger Information
In connection with the proposed merger of CME and CBOT, the parties intend to file relevant materials with the Securities Exchange Commission (“SEC”), including a joint proxy statement/prospectus regarding the proposed transaction. Such documents, however, are not currently available. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors will be able to obtain a free copy of the joint proxy statement/prospectus, as
well as other filings containing information about CME and CBOT without charge, at the SEC’s website (http://www.sec.gov) once such documents are filed with the SEC. Copies of the joint proxy statement/prospectus can also be obtained, without charge, once they are filed with the SEC, by directing a request to Chicago Mercantile Exchange Holdings Inc., Attention: Shareholder Relations, 20 S. Wacker Drive, Chicago, Illinois 60606 , (312) 930-1000 or CBOT Holdings, Inc., Attention: Investor Relations, at 1141 West Jackson, Chicago, Illinois 60604, (312) 435-3500.
CME and CBOT and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from CME and CBOT shareholders in respect of the proposed transaction. Information regarding CME and CBOT’s directors and executive officers is available in their respective proxy statements for their 2006 annual meeting of stockholders. Additional information regarding the interests of such potential participants will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
(Quelle: CME)
Fusion zum weltgrößten Derivatemarkt - Konsolidierung unter den Börsenbetreibern
Handelsblatt, Chicago (17.10.06) - In Chicago entsteht durch eine Fusion der weltgrößte Derivate-Markt der Welt. Der amerikanische Warenterminbörsen-Betreiber Chicago Mercantile Exchange Holdings (CME) übernimmt die CBOT Holdings, die die Warenterminbörse Chicago Board of Trade (CBOT) betreibt. Der Kaufpreis beläuft sich nach derzeitigen CME-Aktienkursen auf rund acht Mrd. Dollar (6,4 Mrd Euro).
(Quelle und ausführlich weiter lesen: http://www.handelsblatt.com)
Heute sprach ich mal mit meinem Broker am Grain Pit. Die Stimmung zum Merger ist nicht wirklich gut bei den CBOT Tradern. Obwohl sich die Anteilseigner doch eigentlich über den Übernahmepreis doch freuen müssten. Aber die meisten Locals haben ihr Geld scheinbar bei der letzten Bewegung in Weizen und Mais verloren. Allein bei dem sehr beliebten Old Crop/New Crop Spread Dec against Dec ist wohl viel Blut geflossen. Jedenfalls sind die ersten Stimmen von alteingesessenen Locals zu hören, die aufhören wollen. Auch wenn die Börsen nur 3 Blocks von einander entfernt sind, scheinen da doch Welten aufeinander zu treffen. Die alten irischen- gegen die jüdischen Familien. Wer hätte gedacht, dass es sowas noch gibt.
Grüße
Henning
CME contra ICE: Übernahmekampf um Chicago Board of Trade entbrannt
Von Udo Rettberg
Handelsblatt, Boca Raton (15.03.07) - Um das Chicago Board of Trade (CBOT) ist ein Übernahmekampf entbrannt; denn nach der Chicago Mercantile Exchange (CME) hat jetzt auch die in Atlanta ansässige Intercontinental Exchange (ICE) dem Verwaltungsrat der ältesten Terminbörse der Welt eine Übernahmeofferte unterbreitet.
Die Transaktion soll nach den Plänen der ICE im Rahmen eines Aktientauschs über die Bühne gehen, wie ICE-Chairman und Vorstandsvorsitzender Jeffrey Sprecher auf der weltgrößten Derivatekonferenz in Boca Raton im US-Bundesstaat Florida erklärte. Die von Sprecher erst vor einigen Jahren gegründete ICE ist die am schnellsten wachsende Derivatebörse der USA. Sie hatte vor kurzem bereits das vor allem auf agrarische Rohstoffe fokussierte New York Board of Trade (Nybot) übernommen.
(Quelle und ausführlich weiter lesen: http://www.handelsblatt.com/news/Unternehmen/Banken-Versicherungen/_pv/_p/200039/_t/ft/_b/1240987/default.aspx/uebernahmekampf-um-chicago-board-of-trade-entbrannt.html)
July 10 (Bloomberg) -- The Chicago Mercantile Exchange's $11.3 billion acquisition of the Chicago Board of Trade may be a prelude to takeover bids for the nation's remaining derivatives exchanges.
Board of Trade shareholders approved the merger with the Chicago Merc yesterday, creating the world's largest futures exchange. The combined company will dwarf the Atlanta-based Intercontinental Exchange Inc., the losing bidder for the Board of Trade, and the New York Mercantile Exchange, making them potential targets for NYSE Euronext.
Intercontinental ``may end up being more of a target now,'' said Will Vicars, managing director at Sydney-based hedge fund Caledonia Investments Ltd., the CBOT's largest shareholder. NYSE Euronext's ``modus operandi to date has been acquisitions, and I think that will probably continue.''
Exchanges worldwide are combining as electronic trading expands markets and allows single institutions to trade stocks, futures and options in several countries. Global futures and options trading increased 11 percent in the first two months of the year, with U.S. derivatives jumping 22 percent, compared with the same period in 2006, according to the Futures Industry Association.
Nymex, where benchmark U.S. crude oil and natural gas futures trade, has a market value of $11.8 billion. The exchange is exploring a sale to NYSE Euronext and others, two people with knowledge of the discussions said last month. Intercontinental, also known as ICE, offers contracts in Brent crude oil and has an $11 billion market value.
Dominant Exchange
The combination of the Chicago Merc and Board of Trade, to be known as CME Group Inc., will dominate U.S. trading for futures on everything from the Standard & Poor's 500 Index to Treasury bonds to corn, clearing about 89 percent of all contracts.
The CME Group will surpass Eurex AG and Euronext NV, Europe's top two bourses for trading derivatives, contracts whose value is derived from underlying assets such as stocks, bonds, currencies or commodities. The Chicago exchanges traded 388 million contracts in the first two months of 2007, surpassing Eurex by more than 120 million, according to the Futures Industry Association, a trade group.
Intercontinental's stock has risen 45 percent this year, including a 19 percent gain since March 14, the day before it announced its bid for the Board of Trade. Nymex shares have advanced 3 percent this year.
Potential Bids
Some of the rise in Intercontinental stemmed from the ``expectation that ICE would not succeed in its bid attempt and would itself become a takeover target,'' Niamh Alexander, an analyst at CIBC World Markets in New York said last month in a note to clients.
Intercontinental may respond to the loss by making a bid for the Nymex, Brad Hintz, an analyst at Sanford C. Bernstein & Co. in New York, said yesterday in an interview. ICE needs to increase its volume to survive and may best be able to accomplish that through an acquisition, he said.
``I assume they're going to go after Nymex, that would be the logical play,'' Hintz said.
Nymex spokeswoman Anu Ahluwalia declined to comment. ICE spokeswoman Kelly Loeffler and NYSE Euronext spokesman Richard Adamonis didn't return calls left after regular business hours.
NYSE Group Inc., which owns the New York Stock Exchange and the stock markets for France, Belgium, the Netherlands and Portugal, bought Euronext in April for $14.6 billion. Frankfurt- based Deutsche Boerse AG agreed to buy New York-based International Securities Exchange for $2.8 billion. In January, Intercontinental bought the New York Board of Trade for $1.8 billion.
``Derivatives are still where every new bid is coming from,'' Caledonia's Vicars said. ``It has the greatest growth.''
http://www.bloomberg.com/apps/news?pid=20601109&sid=a.qHDi_qGYh0&refer=home
CME Group Web Site
Although the CME and CBOT Web sites will remain active for the remainder of the year, we encourage you to visit the new http://www.cmegroup.com site for the most up-to-date integration resources.
CBOT and Hosted Exchange Products and Functionality Launch
Effective January 2008, the CBOT and Hosted Exchange functionality and products are scheduled to launch on the CME Globex electronic trading platform. Commodities, Dow and Hosted Exchange futures and options are scheduled to launch January 13, 2008. Interest Rate futures and options are scheduled to launch January 27. Jade and Metal products are not included in this launch.
Quelle: http://www.cmegroup.com
Ab sofort kosten Echtzeitkurse des YM (Dow Mini) Futures bei esignal 60 Dollar pro Monat!
The Chicago Board of Trade has moved all of the above promotional symbols into their full CBOT real-time data package. In order to continue receiving real-time data for these symbols, you must subscribe to the full CBOT (USD60.00) or to our delayed bundle (USD15.00) of US Futures (for applicable products).
@ wuelle [#11]
Nicht ganz so teuer unter 'sonstige Kurse' auf TerminmarktWelt: Null Euro.
Ich hoffe noch eine Weile. Nur Kurse, keine Charts.