Eurex to acquire a majority share in European energy exchange EEX
Eurex Zürich AG's stake will grow to over 50 percent/ Purchase price of EUR 7.75 per share
However, under the pre-emption rights laid out in the consortium agreement, LBBW is obligated to offer its share on a pro rata basis to other EEX shareholders. The first round of the tender process was concluded on 22 February, 31 of the 40 eligible EEX shareholders declared that they would forgo a proportional increase in their stake. As a result, Eurex's current shareholding in the EEX of 35.2 percent will increase to over 50 percent. The exact shareholding will be determined in the second stage of the tender process, which immediately follows the first round.
By achieving a majority share by Eurex Zürich AG, the final price for the shares to be acquired will be EUR 7.75. This consists of the strike price of EUR 7.15 per share and a premium of EUR 0.60 per share because Eurex becomes the majority shareholder.
The necessary approval has already been granted by the boards of the seller, LBBW, and the buyer, Eurex Zürich AG. The Supervisory Board of EEX still has to agree to the transfer of LBBW's shares. The transaction also requires the approval of further regulatory bodies. The Exchange Supervisory Authority in Saxony and the German Federal Cartel Office have already given their consent.
Eurex's aim with the acquisition is to strengthen the long-term competitive position of the EEX. To this end, Eurex, the State of Saxony and the City of Leipzig have concluded an agreement which aims to maintain current EEX jobs in Leipzig and expand Leipzig as a centre of expertise for energy products. In addition, it is planned that the EEX will be able to increase its use of Eurex's international locations in Europe, America and Asia and benefit from its global participant network.
The international derivatives exchange Eurex, jointly operated by Deutsche Börse AG and SIX Swiss Exchange, organizes markets globally. Eurex is home to the Euro zone interest rate and equity index benchmark derivatives.
Eurex's portfolio of markets includes International Securities Exchange, a leading U.S. options exchange. The ECNs Eurex Repo and Eurex Bonds round out Eurex's offering for repo and bond trading. In addition, Eurex provides an automated and integrated clearing house, Eurex Clearing AG. Eurex's global liquidity network comprises around 410 direct exchange members in 28 countries worldwide. For more information about Eurex, visit www.eurexchange.com.
European Energy Exchange AG
The European Energy Exchange (EEX) develops, operates and connects secure, liquid and transparent markets. EEX holds 50 percent of the shares in EPEX Spot SE, which operates the Power Spot Market for Germany, France, Austria and Switzerland. German and French power derivatives trading is concentrated within EEX Power Derivatives GmbH, a majority-owned EEX subsidiary based in Leipzig. Furthermore, EEX offers spot and derivatives trading in natural gas and CO2 emission rights as well as trading in financial coal futures. EEX Group also includes European Commodity Clearing AG (ECC), the central clearing house for energy and related products in Europe.