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UPDATE: Deutsche Boerse Joins Bidding Race For LSEG's Borsa Italiana

Fri, 11th Sep 2020 17:25

(Alliance News) - German stock exchange operator Deutsche Boerse AG on Friday said it had submitted an offer to buy Milan's Borsa Italiana, setting the stage for a competition with fellow suitor Euronext.

There are also reports that Switzerland's SIX is considering an offer for the Milan stock exchange.

"We can confirm that Deutsche Boerse has submitted a bid for Borsa Italiana Group," the owner of Germany's DAX 30 index said in a statement.

"As a global player, we are offering a high value for the future growth and development of an autonomous Borsa Italiana Group, thereby strengthening its crucial role for the Italian economy and the European capital markets."

The statement did not provide any financial details.

It comes after pan-European stock market operator Euronext announced earlier on Friday that it was teaming up with Italian lender CDP to submit a joint bid for Borsa Italiana.

According to Bloomberg, the joint bid values Borsa Italiana at EUR3.5 and 4.0 billion.

The London Stock Exchange Group PLC 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.

source: AFP

Copyright 2020 Alliance News Limited. All Rights Reserved.

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