The CNMV has authorized the acquisition of 100% of the capital of Bolsas y Mercados Españoles (BME) by Six Group, manager of the Zurich Stock Exchange, for some 2,800 million euros, after the Council of Ministers authorized this week the operation.
The CNMV has given the go-ahead to the takeover bid by understanding its terms adjusted to the current regulations and considering the content of the explanatory leaflet presented after the last modifications registered on March 25, 2020 to be sufficient.
The Council of Ministers authorized the operation last Tuesday, considering that the requirements established in the regulations are met, mainly the financial solvency of the acquirer and his suitability, reputation and experience.
However, and in addition, Six has made a series of commitments in its application, which guarantee the maintenance of the activity of the affected market infrastructures and, consequently, the continuity of the Spanish stock market as a business financing mechanism. .
Six CEO Jos Dijsselhof said today that “we are very pleased to have received authorization from the CNMV. We have presented an attractive offer to BME shareholders at a price that reflects the value of the company and all in cash. This is an excellent opportunity for shareholders to obtain a fully cash attractive price for their shares. ”
Last December, Six Group submitted a letter requesting authorization for the purchase of BME, the manager of the Spanish regulated markets, the central counterparty entity and the central securities depository in Spain, an operation that required authorization from the Government.
Once the takeover bid is authorized by the CNMV, it will be the shareholders of BME who will ultimately decide whether or not to sell their shares at the price offered.
Last November, the Six group, a financial services provider that operates the Zurich Stock Exchange, the main Swiss Stock Exchange, launched a takeover bid on BME for a total amount of 2,842.92 million euros, at a rate of 34 euros per share (33.4 euros discounting the dividend already paid).
According to the CNMV, the price set by the bidder is justified in the offer brochure in accordance with the fair price rules of article 9 of Royal Decree 1066/2007, of July 27, on the regime of public takeover bids. of values.
The transaction was announced after BME and Euronext confirmed preliminary talks regarding a potential transaction to acquire the entire capital stock of the former by the latter, without any decision having been taken. .