Some of the sweeteners offered to Germany to secure a politically acceptable deal between Deutsche Boerse (DB1Gn.DE) and NYSE Euronext (NYX.N) could be watered down as soon as 2016. Firstly, the chairman's powers will be crimped after Deutsche Boerse boss Reto Francioni's term of office in his new role as head of the combined group ends after 2016, a document filed with the Securities and Exchange Commission says. After an initial term, the chairman will become a non-executive director, ending the "responsibilities and authorities" that go with the position, the filing says. This could undermine the insistence by both companies that the deal, announced last week, is a merger of equals. A key element of this is that the Deutsche Boerse chief executive will assume the role of chairman in the new company.
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