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IntercontinentalExchange and WCE Holdings Complete Plan of Arrangement
Aug 28, 2007 (12:08 PM EDT)
ATLANTA and WINNIPEG, Manitoba, Aug. 28 /PRNewswire-FirstCall/ -- IntercontinentalExchange, Inc. , the leading electronic energy marketplace and soft commodity exchange, and WCE Holdings Inc. ("WCE Holdings"), parent of the Winnipeg Commodity Exchange Inc. (WCE), today jointly announced the closing of ICE's acquisition of WCE Holdings. WCE is the leading agricultural commodity futures and options exchange in Canada.
The purchase price for the transaction was CDN $77.59 per WCE Holdings common share, or CDN $50 million in the aggregate. The acquisition of WCE and its agricultural product suite complements ICE's acquisition of the New York Board of Trade (NYBOT) in January 2007. ICE expects to transition WCE's products to its electronic trading platform during the fourth quarter of 2007, subject to necessary 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 Chairman and Chief Executive Officer 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."
WCE's Canola futures contract is the world's leading canola contract, with 2.6 million contracts traded in 2006. WCE also trades Western Barley futures and Feed Wheat futures. The exchange traces its roots back to 1887, with the 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.
IntercontinentalExchange(R) www.theice.com operates global commodity and financial products marketplaces, including the world's leading electronic energy markets and soft commodity exchange. ICE's diverse futures and over- the-counter (OTC) markets offer access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, ethanol, orange juice, wood pulp and sugar, in addition to foreign currency and equity index futures and options. ICE(R) conducts its energy futures markets through ICE Futures, its U.K. regulated London-based subsidiary, which offers the world's leading oil benchmarks and trades nearly half of the world's global crude futures in its markets. ICE conducts its soft commodity, foreign exchange and index markets through its U.S. regulated subsidiary, the New York Board of Trade(R). NYBOT(R) provides global futures and options markets, as well as clearing services through ICE Clear US(sm), its wholly owned clearing house. ICE's state-of-the-art electronic trading platform brings market access and transparency to participants in more than 50 countries. ICE was added to the Russell 1000(R) Index in June 2006. Headquartered in Atlanta, ICE also has offices in Calgary, Chicago, Dublin, Houston, London, New York and Singapore. For more information, please visit .
About Winnipeg Commodity Exchange
Winnipeg Commodity Exchange Inc., established in 1887, has been facilitating futures contract trading since 1904. WCE is Canada's only agricultural futures and options exchange and North America's first fully electronic commodity exchange. WCE offers futures and options contracts on canola, domestic feed wheat, and western barley.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2006, and the Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2007, each as filed with the SEC on February 26, 2007, May 4, 2007 and July 27, 2007, respectively.
CONTACT: Kelly Loeffler, VP, Investor Relations & Corp. Communications of email@example.comIntercontinentalExchange, +1-770-857-4726, ; orMike Gagne, President and CEO of Winnipeg Commodity Exchange,+1-204-925-5005,
Web site: http://www.theice.com/