After years of jostling and failed talks between the British, French and German markets, the deal-making ability of US operators NYSE and Nasdaq looks set to create a trans-Atlantic, rather than pan-European, trading area.

The New York Stock Exchange Group said Thursday it planned to acquire the European stock market Euronext for about 10 billion dollars (7.7 billion euros) in cash and stock, creating the first trans-Atlantic securities market.

Separately, the US-based, technology-heavy Nasdaq has been increasing its stake in the London Stock Exchange. It now holds 25.1 percent and is the biggest shareholder in the British company.

Political reaction to news of the bid by NYSE for Euronext, which operates markets in Paris, Amsterdam, Brussels and Lisbon, was muted.

The German government said that it would have been "desirable" for Euronext to have decided to merge with Deutsche Boerse.

A rival bid by the German group, which operates the Frankfurt stock market, has been rejected by Euronext and Deutsche Boerse looks set to be the biggest loser in the deal between the Euronext and the NYSE.

French Finance and Economy Minister Thierry Breton vowed to keep an eye on the merger but did not raise any strong objections despite the threat that the Paris stock exchange would fall into US hands.

His counterpart in Britain, Chancellor of the Exchequor Gordon Brown, was likely to be pleased by the news. In July last year, he spoke of the need to create a "free trans-Atlantic financial market" during Britain's presidency of the EU last year.

Nevertheless, some were dismayed that US companies had taken the initiative and engineered the consolidation of the European stock market industry after years of on-off talks between European players.