Nasdaq No Match for the Germans in Bid for New York Stock Exchange

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Photo: Spencer Platt/Getty Images

Nasdaq withdrew its $11 billion bid for the New York Stock Exchange, an attempt to scuttle a proposed deal between the NYSE and Germany's Deutsche Börse AG. Nasdaq, whose bid to buy the Big Board was under antitrust review by the DOJ, sounds more than a little bitter about it, saying that the company withdrew, "[w]hen it became clear that we would not be successful in securing regulatory approval for our proposal despite offering a variety of substantial remedies." Looks like there's one thing scarier than German ownership of an American citadel: having every U.S. stock listing in one place. [WSJ]