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Deutsche Boerse has notified the European Commission that it wants to acquire Euronext and has invited Italy's Borsa Italiana to join a pan-European federal exchange.
Euronext has rejected the offer and has said it plans to merge with the operator of the New York Stock Exchange, instead.
In a joint statement, Euronext and the NYSE Group repeated their assertion that European operators should merge their cash businesses -- an idea Deutsche Boerse has already rejected.
'Euronext and NYSE continue to believe that such a cash equity combination delivers the maximum benefits to investors, issuers and all stakeholders with minimum execution risk,' the statement said.
'Euronext and NYSE re-confirm their willingness to begin immediately discussions with Deutsche Boerse and Borsa Italiana to create such a consolidated European cash market,' it added.