NYSE Euronext and the Deutsche Borse have come to terms. Terms for a $10 billion combination that will create the largest exchange operator and provider of technology, custody and other services in the world.

The two marriage partners did not describe this as a ‘merger of equals.’ Deutche Borse shareholders, after all, will have 60% control. But NYSE Euronext chief executive Duncan Niederauer says it’s not a takeover.

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