Cedel Shareholders Accept Deutsche Börse's Offer
Deutsche Börse’s private tender offer for the shares in Cedel International has reached the two-thirds majority that was a precondition for the closing of the transaction. The offer values Cedel’s 50 percent stake in the settlement house Clearstream International at 1.6 billion and Cedel’s remaining assets at 0.14 billion Euro. Preparations for the integration of Clearstream into Deutsche Börse Group are ‘progressing on schedule’. Assuming satisfaction of the outstanding conditions and completion of the offer, Deutsche Börse and Clearstream anticipate that the integration will be completed by early 2003. Deutsche Börse and Clearstream will create a 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’.