Case T- 175/12 Deutsche Börse v Commission (merger prohibition) [Archived]
Case T- 175/12 Deutsche Börse v Commission (merger prohibition) [Archived]

The following Competition guidance note provides comprehensive and up to date legal information covering:

  • Case T- 175/12 Deutsche Börse v Commission (merger prohibition) [Archived]
  • Case facts
  • Timeline
  • Commentary
  • Related/similar cases


ARCHIVED–this archived case hub reflects the position at the date of the judgment of 9 March 2015; it is no longer maintained.

See further: timeline, commentary and related/similar cases

Case facts

Outline Appeal to the General Court seeking annulment of the Commission decision of 1 February 2012 prohibiting the merger between Deutsche Börse and NYSE Euronext (Case COMP/M.6166—Deutsche Börse/NYSE Euronext).

On 9 March 2015, the General Court issued its judgment dismissing the action in its entirety.

This matter is notable insofar as it involves a Commission decision prohibiting a merger—a relatively rare occurrence and particularly interesting given the transaction was approved by the US authorities. It also underscores the difficulty in trying to defend (or save) otherwise problematic mergers on efficiency grounds.

Parties Applicant: Deutsche Börse AG (Deutsche Börse)

Defendant: European Commission

Deutsche Börse is a German-based company involved in all aspects of cash and derivatives markets. Deutsche Börse operates the Frankfurt Stock Exchange and also owns the majority of Eurex, the company that operates the Eurex Deutschland derivatives exchange.

NYSE Euronext is a US-based company dual-listed in the US and France. It operates a number of stock exchanges throughout the world. It has four main business divisions—cash listing services, cash trading