Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

COMP/M.4267 - DEUTSCHE B÷RSE / EURONEXT

SECTION 1.2

Description of the concentration

Deutsche Bˆrse AG (ìDBAGî), Frankfurt am Main, Germany, has submitted a notification of

a proposed concentration pursuant to Article 4(2) of Council Regulation (EC) No 139/2004.

The public proposal of DBAG states that the notified concentration would be brought about

by DBAG causing a new holding company to be established under the laws of the

Netherlands, Newco, to acquire within the meaning of Article 3(1)(b) of Council Regulation

(EC) No 139/2004 control of the whole of the undertakings DBAG and Euronext N.V.

(ìEuronextî), Amsterdam, the Netherlands, by way of public tender offers.

The undertakings concerned have the following business activities:

•

DBAGís business activities include the provision of listing and trading services

for the cash markets; trading services for financial derivatives; market information services;

and information technology solutions for financial markets and market participants. Via

affiliates, DBAG is involved in the provision of securities clearing, custody services and

settlement of securities transactions.

•

Euronext provides listing and trading services for the cash markets in Belgium,

France, the Netherlands and Portugal, as well as trading services for derivatives in the UK. In

addition Euronext provides market information and information technology services to market

participants.