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August 24, 1993|From Times Staff and Wire Reports

Comex Board OKs N.Y. Merc Merger: The decision, subject to a vote by members of both the Commodity Exchange Inc. and New York Mercantile Exchange, would combine the nation's third-and fourth-largest futures exchanges. Under the New York Merc's offer, Commodity Exchange members would receive $50 million. Some $30 million of that would be paid out when the merger took effect. The other $20 million would be distributed over the following four years. The Merc, the world's largest energy exchange, would operate separately but combine some administrative functions with the Commodity Exchange, the world's largest exchange for precious metals such as gold and silver.

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