By Mid-April of this year Deutsche Börse's offer had been accepted by the required two-thirds majority of Cedel shareholders. Now, the remaining Cedel shareholders have accepted the offer. On March 5, 2002 Deutsche Börse had submitted a private tender offer to the shareholders of Cedel International for the acquisition of Cedel including Cedel's 50 percent ownership in Clearstream. The offer values Cedel's 50 percent stake in the settlement house Clearstream at 1.6 billion euro and Cedel's remaining assets at 0.14 billion euro.
Prior to completing the transaction, several formal steps will be taken, including an extraordinary general meeting which Cedel is presently planning to convene for June 24, 2002. Completion itself, at which Cedel shareholders will receive the consideration for their Cedel shares, is expected within the first half of July.
Deutsche Börse and Clearstream will create the preeminent full service provider for the securities industry setting the standard for "straight-through processing" by optimally coordinating and fine-tuning all systems for trading, clearing and settlement. This will result in a highly efficient, low-cost securities processing chain allowing for increased service levels and accelerated product and service introduction.
