Nyse Euronext shares spike on ICE takeover talk
12 July 2007 | 4323 views | 0
Shares in transatlantic exchange operator Nyse Euronext spiked yesterday on analyst speculation that it is gearing up to bid for electronic energy marketplace IntercontinentalExchange (ICE).
Nyse Euronext stock jumped five per cent after Lehman Brothers upgraded it to "overweight" from "market weight" yesterday. Shares in ICE, which lost out to the Chicago Mercantile Exchange (CME) in the bidding for Chicago Board of Trade (Cbot), also surged on the back of the speculation.
ICE stock has risen around 20% since it first bid for the Cbot in March on the back of rumours that it will become an acquisition target itself. Both Nyse Euronext and New York Mercantile Exchange (Nymex) have been touted as possible buyers.
Nyse Euronext chief executive John Thain told investors in June the company was looking at acquisitions to expand its US futures trading business.