"Time Kills Deals" - Euronext CEO on How He Fought a Mega-Merger

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0:00I took a radically different position. I decided we would kill this transaction.

0:05I joined Euronext in December 15, in February 16 Carsten Kengeter of Deutsche Boerse announced that

0:12he was merging with LSE run by Xavier Rolet. The combination of these two Godzilla companies was

0:20going to be a big threat for a tiny dwarf like us, and option one was to derail this deal to create

0:27space for the future. Option two was to say, okay, they're going to make a lot of money, let's try to

0:34make a little because this is a new normal. And some people around me were telling me, "Stéphane,

0:40stay calm. Stop being aggressive. Don't try to derail this transaction, this is a new world,

0:45let's find your space, by the way, you have just joined, you're not responsible for that."

0:48I took a radically different position. I decided that we

0:52would kill this transaction. So, I met Mrs. Vestager...

0:55Which is an incredibly aggressive thing to do for a new CEO at Euronext.

0:59And I went to see Mrs. Vestager three times. I convinced her...

1:02Who was the European Competition Commissioner at the time.

1:03The European Competition Commissioner at that time. I went to see the Minister of Finance of

1:08the land of Hesse in Wiesbaden, who is the supervisor of Deutsche Boerse. I spent four

1:13hours in Wiesbaden, and the guy told me you're spending more time in Wiesbaden than the CEO of

1:18Deutsche Boerse, who is 40 km away in Frankfurt, and I convinced them that the deal was bad.

1:23We created a situation where the European Commission didn't like the deal, and because

1:28time kills deals and because the leaders involved did not appreciate the political

1:33dynamic and the social dynamic around Brexit with the right level of accuracy, the deal collapsed.