IntercontinentalExchange Inc. (ICE), an electronic energy and soft commodity exchange, said Tuesday it has completed its previously announced acquisition of WCE Holdings Inc., parent of the Winnipeg Commodity Exchange Inc. (WCE), an agricultural commodity futures and options exchange in Canada.
The purchase price was C$77.59 per WCE Holdings common share, or C$50 million in the aggregate. ICE said the acquisition of WCE and its agricultural product suite complements ICE’s acquisition of the New York Board of Trade (NYBOT) in January 2007 (see Daily GPI, Dec. 12, 2006). ICE expects to transition WCE’s products to its electronic trading platform during the fourth quarter of 2007, subject to regulatory approval.
“We are pleased to begin the process of combining the strengths of the Winnipeg Commodity Exchange with ICE’s global commodity markets, covering energy commodities, agricultural commodities, equity indexes and foreign exchange products,” said ICE CEO Jeffrey C. Sprecher. “We look forward to building on WCE’s solid market position while creating value for ICE shareholders as we continue to expand our business.”
The WCE traces its roots back to the 1887 founding of the Winnipeg Grain and Produce Exchange. Trading in futures contracts in wheat, oats and flaxseed began in 1904. A futures market for canola was launched in 1963, and options on futures were introduced in 1991.
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