Financial Times FT.com

CME confident of Nymex win

By Hal Weitzman in Chicago

Published: July 22 2008 18:02 | Last updated: July 22 2008 18:02

CME Group, the world’s largest futures exchange, said on Tuesday it was confident it had won over enough Nymex members to secure approval of its proposed takeover of the New York energy exchange.

The CME last week sweetened its $8.2bn bid by offering to pay 816 Nymex members an additional $113m, raising to $612m the total amount the Chicago exchange is proposing to buy them out of a profit-sharing scheme. CME said it would receive a combined $3.2bn bridge loan from Bank of America and UBS to finance the Nymex deal.

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