NYMEX Buys 15% Stake in Norwegian Freight Derivatives Exchange

NYMEX Holdings announced early Monday it has signed an agreement to acquire 15.1% of leading Norwegian financial derivatives exchange IMAREX ASA for around $52 million, or 160 kroner/share ($29.63). NYMEX will purchase the shares from Norway-listed shipping group Frontline, a founding member of IMAREX and its largest shareholder. Oslo-headquartered IMAREX is the world's only regulated freight derivatives trading market. Clients are said to include the world's leading banks, trading houses, hedge funds, oil majors, power generators and ship owners. In a statement, NYMEX Chairman Richard Schaeffer commented, "This investment and partnership in one of Europe's leading derivatives exchanges advances our strategic goal to expand our product distribution and clearing into the European market. The IMAREX shipping derivatives trading and clearing business is a powerful platform for NYMEX to expand and develop new products for the European and global energy markets, and complements our energy market products." Shares of NYMEX Holdings lost 2.4% to $126.89 on Friday. IMAREX shares were last up 7.9% to 150 kroner ($27.53)

Sources: Press release, Associated Press, Reuters
Commentary: Nymex Holdings in Merger Talks • NYMEX Holdings: Back to the Futures
Stocks to watch: NMX. Competitors: ICE, CME

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