Euronext: Lachmann’s choice

Henri Lachmann thinks Euronext has the short end of the stick in its agreed $10bn merger with NYSE. The deal isn’t «balanced» because the US exchange will control the combined company’s board. The industrialist’s solution, set out in a report he has just prepared for a French business lobby, is clear. Euronext should first merge with Deutsche Boerse’s cash equities trading arm, creating a European behemoth with the clout to stand up to the NYSE. Only then should Euronext consider a transatlanti...