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Non-Tech : Stock, Commodity and Option Exchange Industry

AX 79.32

+0.7%

Oct 30 3:59 PM EDT

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From: Glenn Petersen	1/28/2008 10:38:31 AM
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More consolidation: CME Group in talks to acquire NYMEX By Josh Boak Tribune staff reporter 8:51 AM CST, January 28, 2008 The CME Group announced Monday morning it is in preliminary discussions to spend more than $11 billion acquiring the New York Mercantile Exchange, which trades futures contracts in light sweet crude oil, natural gas, gold, silver and copper. In a 30-day exclusive negotiation period, the CME Group is offering $36 cash and 0.1323 in CME common stock (valued at $83.21) for each NYMEX share. The parent company of the Chicago Mercantile Exchange and the Chicago Board of Trade said it would maintain a trading floor in the New York metropolitan area. As part of the deal, the CME Group might also buy 816 memberships in NYMEX at a price less than $500 million. A merger between the companies would further a partnership already rooted in Globex, the CME Group electronic platform already used by NYMEX. However, the CME Group is not considering the merger a foregone conclusion. "There can be no assurances that any agreement will be reached or that a transaction will be completed on the terms set forth above or others," the it said in a statement. "We will have no further comment until an agreement is reached or the discussions are terminated." Copyright © 2008, Chicago Tribune chicagotribune.com

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