Dhe European stock exchange operator Euronext and Deutsche Börse are considering bids for the Italian LSE subsidiary Borsa Italiana, according to insiders. Accordingly, Euronext is expected to submit an offer of 3.5 to 4 billion euros this week, as the Bloomberg news agency reported on Thursday with reference to people familiar with the matter.
The offer is to be made jointly with the largely state-owned Italian credit institution Cassa Depositi e Prestiti, which could receive an approximately eight percent stake in Euronext if the deal is successful. In addition, the Milan-based bank Intesa Sanpaolo could join the bidding group and receive a Euronext share if the transaction were to take place, Bloomberg had already reported in August.
The rival Deutsche Börse is also said to be preparing an offer for Borsa Italiana in the event of a possible sale. However, final decisions have not yet been made, and both sides could decide against an offer. In addition, other bidders for Borsa Italiana could also appear, it said.
Deutsche Börse shares, as well as those of Euronext and LSE, barely reacted to the news and were largely unchanged at noon.
Official statements are missing
The companies concerned did not want to comment on the report. The Borsa Italiana with its associated platform for trading government bonds MTS is viewed as a strategic investment property in Italy.
At the end of July, the London Stock Exchange (LSE) announced that, in connection with the examination of the takeover of Refinitiv by the European Commission, talks about the sale of the MTS platform or the entire Italian stock exchange operator had started. However, this does not have to mean that there will also be a transaction.
Deutsche Börse wants to grow primarily from its own resources, but is also relying on takeovers. Deutsche Börse boss Theodor Weimer wants to expand business outside the equity segment, such as foreign exchange trading, in order to reduce the dependence on fluctuations in the equity business. The Six Swiss Exchange is traded as a further interested party for Borsa Italiana.