(Alliance News) - Pan-European stock market operator Euronext announced Monday it has submitted an offer to buy Milan's Borsa Italiana from the London Stock Exchange Group PLC in partnership with Italy's CDP Equity and Intesa Sanpaolo Spa.
Euronext, which is competing against at least Germany's Deutsche Boerse for the Italian stock exchange operator, said there is no certainty that the "non-binding" bid will lead to a transaction.
"The proposed combination of Borsa Italiana and Euronext would create a leading player in continental European capital markets, where Italy would be the largest revenue contributor to the enlarged Euronext group," it said in a statement.
"This transformational project would effectively position the newly formed group to deliver the ambition of further building the backbone of the Capital Markets Union in Europe, while at the same time supporting local economies."
Both Euronext and Deutsche Boerse AG on Friday announced rival offers to try to buy Milan's Borsa Italiana, setting the stage for a bidding war.
Switzerland's SIX is also reportedly considering joining the race for the Milan stock exchange.
Euronext originally said only it was teaming up with CDP Equity, so the addition of Intesa Sanpaolo broadens its consortium.
LSEG said in July that it was prepared to sell its Borsa Italiana subsidiary in order to win approval by the EU Commission of its planned purchase of US financial data provider Refinitiv.
Euronext has been on a shopping spree recently, buying the Danish Central Securities Depository, VP Securities, last month to expand its Nordic footprint.Â
It also acquired the Scandinavian electricity exchange Nord Pool in January and the Oslo Stock Exchange in June 2019.Â
By contrast, it decided not to buy the Madrid stock exchange, which was eventually snapped up Swiss operator SIX.
Rome has said all offers will be examined closely by the government and the regulatory authorities.Â
source: AFP
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