A member of
Eurex
Eurex and the European Energy Exchange (EEX) announced today that Eurex will become the new majority shareholder in the EEX. Eurex and Landesbank Baden-Württemberg (LBBW) agreed to the acquisition of LBBW's 22.96 percent share in the EEX by Eurex in December 2010. 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.
About EEX
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.
Market Status ⓘ
XEUR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.
An instant update of the Market Status requires an enabled up-to date Java™ version within the browser.