DealZone

Deals wrap: Nasdaq, ICE drop NYSE bid

Nasdaq OMX and IntercontinentalExchange (ICE) dropped their $11.1 billion bid for rival exchange NYSE Euronext after it became clear the deal would not gain approval from U.S. antitrust regulators. The companies first offered to buy the New York Stock Exchange parent on April 1, aiming to curb a proposed friendly merger with Deutsche Boerse that was worth $10.2 billion when first announced in February. Deutsche Boerse responded to the news of the dropped bid by saying it plans to continue to pursue a merger with the Big Board parent.

In other exchange merger news, a consortium of Canadian banks and pension funds launched a $3.7 billion bid for TMX Group in the hopes of keeping Canada’s largest stock exchange from falling under foreign ownership. The bid tops a $3 billion offer for the exchange operator from the London Stock Exchange (LSE). The LSE said it remains committed to its own merger proposal with the TMX despite the higher rival offer, but should its bid fail it could find itself to be a takeover target, analysts said.

U.S. chemicals group DuPont won its takeover battle for Danish food ingredients company Danisco. The $6.4 billion acquisition is a part of DuPont’s push into the food technology business that CEO Ellen Kullman says will “create an industry leader in industrial biosciences and nutrition and health.”

BP is in talks aimed at buying out its Russian partners in its TNK-BP joint venture and other options to help secure passage of a stalled share swap and Arctic exploration deal, sources close to the matter told Reuters.

Yahoo and Alibaba Group will have a tough time resolving their feud over the Chinese company’s transfer of a major Internet asset despite a joint statement from both companies that said they were working towards a resolution, writes Reuters correspondent Melanie Lee.

Deals wrap: Sexy but risky IPO

Formula One team Williams is on the final straight toward its market debut next week, the first of its kind to float, and while its novelty will attract some, others are unconvinced by the investment case.

Western investment banks are keen to underwrite more IPOs on China’s Shenzhen exchange this year as a surging economy turns the once insignificant market into a fundraising hotbed.

Italian fashion house Prada is quickly moving toward a Hong Kong listing thanks to a more favorable regulatory environment in Asia, Chief Executive Patrizio Bertelli told an Italian newspaper.

from Summit Notebook:

Jon Stewart’s brother says mom ‘pretty happy with both’

EXCHANGES-SUMMIT/A bit grayer and world wearier, maybe, but there's no mistaking the family resemblance between NYSE Chief Operating Office Larry Leibowitz and his kid brother Jon Stewart. Unlike the Daily Show host, Leibowitz mostly keeps a low profile, although he did find himself in the spotlight even before his appearance at the Reuters Global Exchanges and Trading Summit on Monday. The Wall Street Journal interviewed him in a story about the NYSE's effort to turn some high frequency traders -- who have been chipping away at the exchange's business -- into exchange floor traders.

Leibowitz may be sick of the Jon Stewart questions, but when pesky Reuters editors and journalists  inevitably raised them, he answered them with relatively good humor.  

"I know my mother's pretty happy with both," the NYSE's resident electronic trading expert said when asked whether it was tough living in the shadow of the celebrated news comedian. Leibowitz allowed that it was hard to imagine two brothers who had chosen more different careers. At this point, they even have different last names, after Leibowitz's younger brother adopted a stage name.