Emanuel explores Midway privatization

Mayor Rahm Emanuel's administration will explore the possibility of privatizing Midway Airport but will take a shorter-term, more tightly controlled approach than was employed by former Mayor Richard Daley's team on the city's first go-round.

Chicago's last try, a 99-year lease that would have brought in $2.5 billion, died in 2009 when the financial markets froze up.

The city's latest intentions are expected to be formally announced Friday, ahead of a Dec. 31 deadline for deciding whether to retain a slot for Midway in the Federal Aviation Administration's airport privatization pilot program. The city put off this decision several times previously.

The move, preliminary as it is, is sure to be politically charged, given the anger over the way Daley's 75-year parking meter privatization deal has played out, with proceeds used to plug operating deficits and meter rates rising sharply.

With that historical backdrop, Emanuel is suggesting a more conservative approach. It includes a shorter-term lease of less than 40 years; a "travelers' bill of rights" aimed at ensuring any changes will benefit passengers; and a continuing stream of revenue for the city, giving it a shot to capture some growth.

And unlike the parking meter and Chicago Skyway lease deals, a new Midway transaction would not allow proceeds to be used to plug operating deficits or to pay for operations in any way, Emanuel said in an interview Thursday.

"I will not let the city use it as a crutch to not make the tough decisions on the budget," he said.

But while a shorter lease and greater city control may play well locally, those sorts of terms may not appeal to investors, experts said in interviews this month.

"The shorter the lease term, the lower the bid prices are going to be — that's just the math," said Steve Steckler, chairman of the Infrastructure Management Group, a Bethesda, Md.-based company that advises infrastructure owners and operators. "I'd be shocked if investors offered more than $2 billion for a 40-year lease," Steckler said.

Emanuel said: "Nobody knows until you talk to people. … I'm the mayor and I'm not agreeing to … 99 years. I'm saying it's either 40 years or less." His office has not offered an estimate of what such a deal could bring in, saying it would be premature.

"No final decisions have been made, but we can't make a decision until we evaluate fully if this could be a win for Chicagoans," Emanuel said.

A private operator would take over management of such revenue-producing activities as food, beverage and car rental concessions and parking lots. The FAA would continue to provide air traffic control, while the Transportation Security Administration would continue to provide security operations. The city would retain ownership.

Few details were provided about how privatization would affect travelers and Midway employees. Emanuel said specifics will emerge over time.

By year's end, the city will send the FAA a preliminary application, a timetable and a draft "request for qualification," a document the city will put out early next year to identify qualified bidders for the project. A review of the potential bidders will be conducted in the spring.

Last year, Emanuel expressed hesitation in pursuing a private lease for Midway unless a careful vetting process was in place, saying taxpayers were correct to be wary, given the city's history.

The evaluation process will be deliberate and open to public view, he said Thursday.

He pledged to create a committee of business, labor and civic leaders that will provide updates to the public on a regular basis and that will select an independent adviser to vet the transaction. The committee will deliver a report to the City Council, and there will be a 30-day review period before any vote.

"I set up a different process and a different set of principles that stand in stark contrast to what was discussed or done in the past," Emanuel said.

The FAA pilot program frees cities from regulations that require airport revenue to be used for airport purposes. It allows money to be withdrawn for other uses.

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2 injured in CTA bus crash in Logan Square

A CTA bus traveling north on Kedzie crashed into several cars on both sides of the street. (Antonio Perez, Chicago Tribune / December 21, 2012)

By Deanese Williams-Harris




Tribune reporter

11:49 a.m. CST, December 21, 2012

A Chicago Transit Authority bus driver and a passenger were injured this morning when a bus crashed into several parked cars in the city's Logan Square neighborhood.

The accident happened about 8:40 a.m. near Diversey and Kedzie avenues, said police and a CTA spokeswoman.

Preliminary information stated the bus driver lost consciousness and crashed into several parked  cars.

The driver of the bus and a passenger were injured, according to the CTA spokeswoman.

One person was taken to Advocate Illinois Masonic Medical Center and the other was taken to Our Lady of the Resurrection Medical Center, said Fire Media spokesman Will Knight.

There was no immediate information available about their conditions.

The CTA was investigating the incident. 

dawilliams@tribune.com

Twitter: @neacynewslady

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Nokia, RIM settle old disputes in new patent pact

HELSINKI (AP) — Nokia Corp. and Canadian smartphone rival Research In Motion have agreed on a new patent licensing pact which will end all existing litigation between the two struggling companies, the Finnish firm said Friday.

The agreement includes a “one-time payment and on-going payments, all from RIM to Nokia,” Nokia said, but did not disclose “confidential” terms.

Last month, Nokia sued the Blackberry maker for breach of contract in Britain, the United States and Canada over cellular patents they agreed in 2003. RIM claimed the license — which covered patents on “standards-essential” technologies for mobile devices— should also have covered patents for non-essential parts, but the Arbitration Institute of Stockholm Chamber of Commerce ruled against RIM’s claims.

Major manufacturers of phones and wireless equipment are increasingly turning to patent litigation as they jockey for an edge to expand their share of the rapidly growing smartphone market.

Nokia is among leading patent holders in the wireless industry. It has already received a $ 565 million royalty payment from Apple Inc. to settle long-standing patent disputes and filed claims in the United States and Germany alleging that products from HTC Corp. and Viewsonic Corp. infringe a number of its patents.

The company says it has invested €45 billion ($ 60 billion) during the last 20 years in research and development and has one of the wireless industry’s largest IPR portfolios claiming some 10,000 patent families.

Nokia’s share price closed down 3.5 percent at €3.05 on the Helsinki Stock Exchange.

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“Les Miserables” movie relies on close-ups for emotional punch

NEW YORK (Reuters) – For British director Tom Hooper, the key to turning “Les Miserables” from the wildly popular stage musical to a cinematic experience both sweeping and intimate, was all in the close-up.

The stage musical has left audiences around the world wiping away tears with its themes of justice, redemption and romantic and familial love. So bringing it to life on screen for fans and filmgoers was “hugely daunting,” Hooper says.

Still, the Oscar-winning director of “The King’s Speech,” was ambitious, wanting to offer even more of the “intense emotional experience” that has kept fans returning to various stage productions since “Les Miserables” made its English language debut 27 years ago.

“I felt very aware of the fact that so many millions of people hold this close to their hearts and would probably sit in the cinemas in complete fear,” Hooper told reporters about his big screen take on the tale of French revolutionaries rising up against powerful forces.

Movie stars Hugh Jackman, Russell Crowe and Anne Hathaway were all put through an intense audition and rehearsal process, to make sure they could sing take after take, live, with cameras positioned right in their face.

It also features a large ensemble including Amanda Seyfried and Eddie Redmayne, as well as Sacha Baron Cohen and Helena Bonham Carter who lead the comic relief song, “Master of the House.”

“I thought the great weapon in my arsenal was the close up, because the one thing on stage that you can’t enjoy is the detail of what is going on in people’s faces as they are singing,” Hooper said. “I felt (that) having to do a meditation on the human face was by far the best way to bring out the emotion of the songs.”

That tactic may or may not have paid off for a movie that is seen as one of the front runners for Oscar awards in February. Early screenings of the film that opens on Christmas Day have moved some audiences. Critics have praised the performances, but given the movie as a whole less than top marks.

The movie reunites the same team that worked on the original musical, including French composer Claude-Michel Schonberg, lyricist Alain Boublil, and English language adapter Herbert Kretzmer. It adds one original song to the existing show, which includes the well-known “I Dreamed a Dream”.

Jackman plays petty thief Jean Valjean, the protagonist of the story based on French writer Victor Hugo’s epic 1862 historical novel “Les Miserables.” Valjean transforms himself into a respected businessman but struggles for decades to escape the clutches of his nemesis, police inspector Javert (Russell Crowe), and along the way encounters factory worker Fantine (Anne Hathaway).

TIMELY MESSAGE

Inspired by films such as 1991′s “The Commitments,” singing was filmed live rather than later recorded in a studio to give the movie a more authentic feel.

Hathaway lost 25 pounds (11.3 kg) for the role and cut her long brown hair. She spent six months perfecting the task of crying and singing at the same time for “I Dreamed a Dream” and is a hot favorite for a best supporting actress Oscar.

In a twist of fate, Hooper had initially seen Hathaway singing to Jackman a boisterous version of the “Les Miserables” song “On My Own” at the 2011 Academy Awards ceremony, just when he was trying to decide whether to direct the film and was thinking about casting.

“I was sitting there, going: ‘There is something very strange happening’,” he joked. “Whatever happened, it certainly worked, because I ended up casting both of them.”

Hooper said he took his inspiration mostly from Hugo’s novel rather than any one stage production, and thus saw Crowe’s Javert more as a “deeply honorable” character than a simplistic “bad guy” as portrayed in some productions.

The time also felt right, he said, to bring the story to a larger audience on the big screen.

“There are so many people hurting around the world because of social, economic, inequality and inequity. There is such anger against the system,” he said, “whether it’s the protests on Wall Street or in London at St Paul’s, or the seismic shifts happening in the Middle East.”

“‘Les Miserables’ is the great advocate of the dispossessed,” Hooper said. “It teaches you the way to collective action is through passionate engagement with the people around you. It starts with love for the person next to you.”

(Editing by Jill Serjeant and David Storey)

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Stigma Fading, Marijuana Common in California

Jim Wilson/The New York Times

At a San Francisco concert in 2010, marijuana use was general while signatures were collected for a measure to decriminalize it.

LOS ANGELES — Let Colorado and Washington be the marijuana trailblazers. Let them struggle with the messy details of what it means to actually legalize the drug. Marijuana is, as a practical matter, already legal in much of California.

No matter that its recreational use remains technically against the law. Marijuana has, in many parts of this state, become the equivalent of a beer in a paper bag on the streets of Greenwich Village. It is losing whatever stigma it ever had and still has in many parts of the country, including New York City, where the kind of open marijuana use that is common here would attract the attention of any passing law officer.

“It’s shocking, from my perspective, the number of people that we all know who are recreational marijuana users,” said Gavin Newsom, the lieutenant governor. “These are incredibly upstanding citizens: Leaders in our community, and exceptional people. Increasingly, people are willing to share how they use it and not be ashamed of it.”

Marijuana can be smelled in suburban backyards in neighborhoods from Hollywood to Topanga Canyon as dusk falls — what in other places is known as the cocktail hour — often wafting in from three sides. In some homes in Beverly Hills and San Francisco, it is offered at the start of a dinner party with the customary ease of a host offering a chilled Bombay Sapphire martini.

Lighting up a cigarette (the tobacco kind) can get you booted from many venues in this rigorously antitobacco state. But no one seemed to mind as marijuana smoke filled the air at an outdoor concert at the Hollywood Bowl in September or even in the much more intimate, enclosed atmosphere of the Troubadour in West Hollywood during a Mountain Goats concert last week.

Arnold Schwarzenegger, the former Republican governor, ticked off the acceptance of open marijuana smoking in a list of reasons he thought Venice was such a wonderful place for his morning bicycle rides. With so many people smoking in so many places, he said in an interview this year, there was no reason to light up one’s own joint.

“You just inhale, and you live off everyone else,” said Mr. Schwarzenegger, who as governor signed a law decriminalizing possession of small amounts of marijuana.

Some Californians react disdainfully to anyone from out of state who still harbors illicit associations with the drug. Bill Maher, the television host, was speaking about the prevalence of marijuana smoking at dinner parties hosted by Sue Mengers, a retired Hollywood agent famous for her high-powered gatherings of actors and journalists, in an interview after her death last year. “I used to bring her pot,” he said. “And I wasn’t the only one.”

When a reporter sought to ascertain whether this was an on-the-record conversation, Mr. Maher responded tartly: “Where do you think you are? This is California in the year 2011.”

John Burton, the state Democratic chairman, said he recalled an era when the drug was stigmatized under tough antidrug laws. He called the changes in thinking toward marijuana one of the two most striking shifts in public attitude he had seen in 40 years here (the other was gay rights).

“I can remember when your second conviction of having a single marijuana cigarette would get you two to 20 in San Quentin,” he said.

In a Field Poll of California voters conducted in October 2010, 47 percent of respondents said they had smoked marijuana at least once, and 50 percent said it should be legalized. The poll was taken shortly before Californians voted down, by a narrow margin, an initiative to decriminalize marijuana.

“In a Republican year, the legalization came within two points,” said Chris Lehane, a Democratic consultant who worked on the campaign in favor of the initiative. He said that was evidence of the “fact that the public has evolved on the issue and is ahead of the pols.”

A study by the California Office of Traffic Safety last month found that motorists were more likely to be driving under the influence of marijuana than under the influence of alcohol.

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Emanuel explores Midway privatization

Mayor Rahm Emanuel's administration will explore the possibility of privatizing Midway Airport but will take a shorter-term, more tightly controlled approach than was employed by former Mayor Richard Daley's team on the city's first go-round.

Chicago's last try, a 99-year lease that would have brought in $2.5 billion, died in 2009 when the financial markets froze up.

The city's latest intentions are expected to be formally announced Friday, ahead of a Dec. 31 deadline for deciding whether to retain a slot for Midway in the Federal Aviation Administration's airport privatization pilot program. The city put off this decision several times previously.

The move, preliminary as it is, is sure to be politically charged, given the anger over the way Daley's 75-year parking meter privatization deal has played out, with proceeds used to plug operating deficits and meter rates rising sharply.

With that historical backdrop, Emanuel is suggesting a more conservative approach. It includes a shorter-term lease of less than 40 years; a "travelers' bill of rights" aimed at ensuring any changes will benefit passengers; and a continuing stream of revenue for the city, giving it a shot to capture some growth.

And unlike the parking meter and Chicago Skyway lease deals, a new Midway transaction would not allow proceeds to be used to plug operating deficits or to pay for operations in any way, Emanuel said in an interview Thursday.

"I will not let the city use it as a crutch to not make the tough decisions on the budget," he said.

But while a shorter lease and greater city control may play well locally, those sorts of terms may not appeal to investors, experts said in interviews this month.

"The shorter the lease term, the lower the bid prices are going to be — that's just the math," said Steve Steckler, chairman of the Infrastructure Management Group, a Bethesda, Md.-based company that advises infrastructure owners and operators. "I'd be shocked if investors offered more than $2 billion for a 40-year lease," Steckler said.

Emanuel said: "Nobody knows until you talk to people. … I'm the mayor and I'm not agreeing to … 99 years. I'm saying it's either 40 years or less." His office has not offered an estimate of what such a deal could bring in, saying it would be premature.

"No final decisions have been made, but we can't make a decision until we evaluate fully if this could be a win for Chicagoans," Emanuel said.

A private operator would take over management of such revenue-producing activities as food, beverage and car rental concessions and parking lots. The FAA would continue to provide air traffic control, while the Transportation Security Administration would continue to provide security operations. The city would retain ownership.

Few details were provided about how privatization would affect travelers and Midway employees. Emanuel said specifics will emerge over time.

By year's end, the city will send the FAA a preliminary application, a timetable and a draft "request for qualification," a document the city will put out early next year to identify qualified bidders for the project. A review of the potential bidders will be conducted in the spring.

Last year, Emanuel expressed hesitation in pursuing a private lease for Midway unless a careful vetting process was in place, saying taxpayers were correct to be wary, given the city's history.

The evaluation process will be deliberate and open to public view, he said Thursday.

He pledged to create a committee of business, labor and civic leaders that will provide updates to the public on a regular basis and that will select an independent adviser to vet the transaction. The committee will deliver a report to the City Council, and there will be a 30-day review period before any vote.

"I set up a different process and a different set of principles that stand in stark contrast to what was discussed or done in the past," Emanuel said.

The FAA pilot program frees cities from regulations that require airport revenue to be used for airport purposes. It allows money to be withdrawn for other uses.

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Heaviest snow, high winds expected for evening commute

Chicago's morning weather forecast. (WGN - Chicago)

A winter storm warning has been issued for the Chicago metropolitan area, and the National Weather Service says winds up to 60 mph could whip snow into near blizzard conditions in some spots during the evening commute.

Rain is expected to turn to snow around 3 p.m. as temperatures drop and winds pick up, the weather service said. The heaviest snow will fall from 5 p.m. to 9 p.m. with wind gusts of 50 to 60 mph. Three to 7 inches is expected in the far northwest suburbs, 2 to 4 inches in Chicago and 1 to 3 inches in the south and southwest suburbs.

But the weather service says the winds will be the real problem. "We may not get a whole lot of snow but the potential for snowing, drifting and poor visibility is very high," weather service meteorologist Mark Ratzer said.

In its storm warning, the weather service said the greatest chance of near white-out conditions is near the shoreline in Lake and Porter counties in Indiana. The storm warning is in effect from 3 p.m. until 3 a.m. Friday.

In western Illinois and Wisconsin, a blizzard warning is in effect with as much as a foot of snow forecast. Snow could fall 1 to 2 inches an hour around Rockford late in the afternoon, the weather service said.

To the south, a high wind advisory has been issued for Kankakee County. And in Indiana, a lakeshore flood warning is in effect for Lake and Porter counties.

The storm will end a record stretch of 290 days without snow in the Chicago area. This will also be the lastest that the city has seen its first measurable snowfall.

More than 150 flights have already been canceled at O'Hare International Airport, according to the Chicago Department of Aviation. At Midway Airport, airlines have nixed more than 30 flights.

United Airlines said it is waiving change fees for travelers scheduled to fly out of O'Hare on Thursday who want to change their plans.

ComEd said it was bracing for power outages because of the storm. The company said it was preparing additional crews and equipment and asking for help from other utilities to respond quickly to outages.

ComEd Vice President Terence Donnelly said the storm was “expected to be especially damaging” to the company's power system because of the combination of wind, snow and ice.

The Illinois Toll Highway Authority urged motorists to stay off the highways this afternoon.

"This weather event is expected to impact most of the tollway system – from Rockford to Chicago – resulting in rapidly deteriorating driving conditions across the entire region,” tollway executive director Kristi Lafleur.  “We urge everyone to stay off the roads this afternoon and evening, if possible, but if you must drive, slow down and allow plenty of extra time for the commute home.”

The agency said it was mobilizing its full fleet of 182 snowplows on the 286-mile toll road system.

The Chicago Department of Streets and Sanitation said it was readying its main fleet of nearly 300 trucks.  More than 200 of them are ready to go, and another 150 trucks can be dispatched if necessary, according to department spokeswoman Anne Sheahan.

The city has 285,000 tons of road salt on hand.
 
The department’s primary concern is icy conditions that could make the evening commute difficult, Sheahan said. She cautioned all drivers to be aware of driving conditions and department trucks out on the road.
 
The approaching storm dropped nearly a foot of snow in Des Moines. The airport at Creston, Iowa, recorded the highest winds, with a gust of 53 mph.

On the southern edge of the storm system, high winds damaged homes and downed trees in central Arkansas, the weather service said. A powerful storm peeled the roofs off buildings and toppled trucks in Mobile, Ala., but injured no one. Tornado warnings remained in effect in parts of Mississippi, Louisiana and Alabama early Thursday.

Transportation officials shut down parts of Interstate 29 in Missouri early Thursday, and Interstate 80 in Nebraska remained closed due to blowing snow.

Contributing: Associated Press

chicagobreaking@tribune.com
Twitter: @chicagobreaking

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Nintendo’s amazing triumph in Japan may doom the company internationally

According to Japanese gaming bible Famitsu, Nintendo (NTDOY) 3DS sold 333,000 units in the week ending December 16, while Sony’s (SNE) PS Vita limped along at 13,000 units, the new Wii U did an okay 130,000 units and the PlayStation 3 managed to sell 46,000 units.  The utter hardware domination of the 3DS is reshaping the Japanese software market. Franchises that were thought to be fading have been revitalized in their portable versions. The 3DS version of the ancient Animal Crossing series, famed for being the game where nothing happens, hit a staggering 1.7 million units last week in Japan. Inazuma Eleven sold 170,000 units in its launch week, up from 140,000 units its DS version managed in 2011.

[More from BGR: RIM, HTC and Nokia could all be headed the way of Palm]

Nintendo’s portable console 3DS had a muted start in its home market in the spring of 2011. Many thought that Sony would have a fair shot at competing with Nintendo once Playstation Vita launched at the end of 2011. But once Nintendo executed an aggressive price cut for 3DS in the summer of 2011 and then launched a large-screen version of the console in mid-2012, the gadget has grown into a Godzilla in Japan, demolishing both Sony Vita and aging tabletop console competition.

[More from BGR: BlackBerry 10 browser smokes iOS 6 and Windows Phone 8 in comparison test [video]]

3DS is doing well also in America, where its lifetime sales are moving close to the 6 million unit mark this holiday season. According to NPD, the 3DS sales in the United States topped 500,000 units in November. That’s a decent number, though far from the torrid volume the portable is racking up in its home market. The U.S. November video game software chart was dominated by massive home console juggernauts: new installments of Call of Duty, Halo and Assassin’s Creed franchises shifted more than 13 million units in retail. At the same time, the Japanese software chart remains in a ’90s time warp, dominated by Nintendo’s musty masterpieces: Super Mario Brothers, Pokemon, Animal Crossing, etc.

Japanese and American tastes have always been different. But what we are witnessing now is a particularly fascinating divergence. American consumers are spending more of their time and money on smartphone and tablet games, while console game spending is increasingly focusing on massive, graphically stunning blockbuster titles on Xbox360 and PS3. The casual gamers are shifting to mobile games, while hardcore gamers remain attracted to sprawling epics on home consoles. The overall video game spending in America keeps declining month after month, as casual titles and mid-list games slide. But the Triple A whales like the Call of Duty series are doing better than ever.

In Japan, Nintendo has been able to battle back iPhone and Android game invasion with a nostalgic series of portable games that basically recycle the biggest hits of ’80s and early ’90s. Mario, Pokemons and other portable heroes are slowly losing their grip on U.S. and European consumers. But in Japan, some form of national nostalgia is keeping Nintendo on track.

The problem here is that the Japanese success of the 3DS may now be convincing Nintendo that it does not have to reconsider its business strategy. The smartphone and tablet game spending continues growing explosively across the world. Unlike console games, mobile game sales in China are legal. The global gaming spending is shifting towards new hardware platforms even as console mammoths like Halo still reign in America. At this critical juncture, Nintendo has managed to cocoon its home market in a web of nostalgia, turning the 3DS console and its Eighties left-over franchises into epic bestsellers yet again.

This means that there is no sense of urgency to push Nintendo into rethinking its long-term plans. The company may continue simply ignoring the smartphone and tablet challenge, designing new portable consoles and the 28th Mario game to support it. Twenty years ago, Japan’s insularity doomed its chances to succeed in the mobile phone business. And now the idiosyncratic nature of Japan may be leading its biggest entertainment industry success astray.

This article was originally published by BGR

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“Gangnam Style” in line for UK dictionary inclusion

LONDON (Reuters) – He has the most-watched video in Youtube history, become a pop sensation with a horse-riding dance craze that has swept the world and now Korean singer Psy may cement his place in popular culture with recognition from a British dictionary.

“Gangnam Style,” Psy’s signature song, has been chosen along with “fiscal cliff” and “Romneyshambles” as some of Collins Dictionary‘s words of the year.

“We were looking for words that told the story of the year,” said Ian Brookes, the dictionary‘s consultant editor.

“Some words are from events that have been and gone and so are not likely to stick around … but others are probably here to stay.”

Other headline entries centered on American politics.

“Fiscal cliff” has drawn a lot of attention as the deadline for Congress and President Obama to agree on government spending and tax plans draws nearer.

While the term “Romneyshambles” entered the British public’s consciousness after Mitt Romney‘s gaffe-ridden visit to London in July in which he questioned Britain’s readiness to host the Olympics.

The inclusion of “47 percent” on the list after a leaked video showed Romney telling donors that 47 percent of Americans would definitely vote for Obama because of their dependency on the government capped off a bad year for the losing presidential candidate.

Collins received over 7,000 submissions on its online database.

Twelve words of the year – one for each month – were then selected on the basis of the frequency with which they were spoken, how many places they appeared and their longevity in public discourse.

Appearing on the Collins words of the year list is no guarantee of insertion in the next dictionary.

But Gangnam Style stands a very good chance, Brookes said.

“It’s obviously a craze, so there’s the possibility it will go away. But it’s been heard by so many people that I think it’s probably earned the right to go into the dictionary.”

Other words of the year include “mummy porn” after the popularity of the “Fifty Shades of Grey” books, and “superstorm” after Superstorm Sandy wreaked havoc along the east coast of America in October.

(Reporting By Peter Schwartzstein, editing by Paul Casciato)

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Intercontinental to pay $8.2B for NYSE

The IntercontinentalExchange has agreed to buy rival exchange NYSE Euronext for $8.2 billion, as it moves to create one of the top futures markets in Europe and position the combined group to challenge arch rival CME Group.

The two exchanges said in an emailed statement on Thursday ICE had agreed to pay $33.12 a share for NYSE Euronext made up of one third cash and two thirds ICE shares.

NYSE Euronext shares were up more than 30 percent on the news while IntercontinentalExchange Inc. shares reversed earlier declines and were recently up more than 2 percent.

The multi-billion dollar deal designed to push it into the big league of European derivatives and take on arch rival CME Group.

ICE may consider a spin-off or sale of NYSE's stock markets, a source told Reuters. As well as the 200-year old New York exchange, the NYSE also owns bourses in Paris, Amsterdam, Brussels and Lisbon.

"We can't exclude any option at this stage. It's all down to what regulators will require to get the deal approved, and to the timeframe they will give ICE to meet these targets," a source familiar with the situation told Reuters, adding that a deal was expected to be announced later on Thursday.

ICE has proposed buying NYSE, which also owns derivatives market Liffe, for $33 per share, a 37 percent premium to its Wednesday closing price, CNBC said.

One-third of the deal would be funded by cash and the rest in stock, the source confirmed.

NYSE and ICE representatives declined to comment.

Analysts said a deal would give Atlanta-based ICE a strategic boost with control of Liffe, Europe's second-largest derivatives market, helping it compete against U.S.-based CME Group Inc., owner of the Chicago Board of Trade.

"ICE is after Liffe, that is the crown jewel of NYSE Euronext. ICE could potentially sell the U.S. and European equities business, but could struggle to find a buyer. A spin-off of this business could be more likely," said Peter Lenardos, analyst at RBC Capital Markets.

"Strategically it makes sense for ICE to enter the European derivatives space in a meaningful way, but paying $10 billion -- with debt -- to do so sounds generous for NYSE shareholders and expensive for ICE shareholders.

At the close of trading on Wednesday, NYSE was worth about $5.8 billion, indicating that ICE may be willing to pay roughly $8 billion for the owner of the world's largest stock market.

NYSE shares jumped 12 percent in after-hours trading to $26.96. ICE shares rose 3.1 percent to $132.32.

REGULATORY THUMBS-UP

An ICE-NYSE Euronext tie-up would leap-frog Deutsche Boerse to become the world's third-largest exchange group with a combined market value of $15.2 billion. CME Group, ICE's largest U.S.-based rival, has a market value of $17.5 billion, Thomson Reuters data shows.

Hong Kong Exchanges and Clearing is the world's largest exchange group with a market capitalization of $19.5 billion.

ICE's main operations are in energy futures trading and unlike NYSE Euronext, it has steered clear of stocks and stock-options trading, so there is not much business overlap between the two groups, making it more likely competition authorities would approve a tie-up.

Last year, the U.S. Justice Department blocked a $11 billion joint hostile bid by ICE and Nasdaq OMX Group for NYSE Euronext on concerns the tie-up would dominate U.S. stock listings.

If that bid had succeeded, ICE planned to buy NYSE Euronext derivatives business while Nasdaq would have taken control of the stock exchanges.

A rival $9.3 billion bid by German exchange operator Deutsche Boerse also ran afoul of regulators.

"I doubt the competition authorities will have a problem with it, there's only a modest overlap between the businesses," said Richard Perrott, an analyst at Berenberg Bank.

"The rationale for the deal will be the same as that with Deutsche Boerse -- migrate the clearing of Liffe derivatives to ICE's services in London and scale up to attract OTC (Over The Counter) derivatives clearing. There could be more than $300 million in cost savings in the deal."

Before the latest ICE offer emerged, NYSE Euronext's shares had fallen by nearly a third since ICE and Nasdaq launched their thwarted joint bid.

The New York Stock Exchange, known as the Big Board and the symbol of U.S. capitalism, has seen its clout fade as new technology and the rise of private trading venues run by Wall Street banks and brokers cut its margins.

Founded in 2000 as a U.S. electricity trading platform backed by Wall Street banks and energy traders, ICE is the product of a string of acquisitions, from the London-based International Petroleum Exchange in 2001 through the New York Board of Trade and, most recently, a handful of smaller deals, including a climate exchange and a stake in a Brazilian clearing house.

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