The New York Stock Exchange has formally announced a $10.2 billion (£5.42 bn) cash and shares offer for Euronext today in its effort to create the first transatlantic stock market.

The Times (London) reports: “Analysts immediately predicted a new offer would come from the German operator Deutsche Börse which had indicated broad terms of a merger on Friday but without detailing a price. Euronext rejected the proposals. Under the terms of the American bid, The NYSE Group will convert its existing shares in a new company, NYSE Euronext, and then offer 0.98 of these plus €21.32 cash for each Euronext share.”

We understand that the Dubai International Financial Centre, which has been linked with an offer for Euronext, raised its stake yesterday from 1.67pc to 3.48 per cent.