From another board. Poster unknown. HUGE BULL CASE...
It is necessary to look at NYX Holdings as one company when we consider it's future. For example: one could say that nyse intends to issue an additional 110.25 million shares to the euronext shareholders, however, to not mention that nyse is cancelling 112.5 of the existing euronext shares isn't really forthcoming. In reality the total float will be decreased by about 2.25 million shares, that is what the 2.5 billion euro credit line is for. To buy those additional shares and cancel them. Concerning the 110.25 million shares nyse is issuing. What is NYSE Holdings receiving in return. Assets, and lots of them. 50% of AEMS for one, a percentage of LCH, Euronext, 50% of MTS, several other european exchanges, the list goes on for quite a while. What outside of existing cash these companies have and real estate does NYSE get ? Future earnings, that is what this is all about. Future Market clout, don't let DB fool you, they are scared to death. Concerning those earnings, it appears our Euronext subsidiary could very well earn almost four euro's eps next year, being conservative. Which translates to 575 million usd, not counting the synergies we will save due to the merger. That 575 million when divided by the 266.5 million outstanding shares generates an additional $2.15 eps we wouldn't have without the merger. Keep in mind the listing clout this is going to give us, the exchange merger clout.