Euronext, the pan-European market infrastructure, has today submitted a counter bid to acquire Borsa Italiana, following an offer by Deutsche Boerse on Friday.
Non-binding offers have been handed to the London Stock Exchange Group which is looking to offload the Italian stock exchange, which it acquired in 2007 for just over £1 billion.
Euronext said its combination with Borsa Italiana would create a key market player in continental European capital markets, where Italy would be the largest revenue contributor to the enlarged Euronext group.
The partnership includes CDP Equity, a sovereign wealth fund formerly known as Fondo Strategico Italiano and Intesa Sanpaolo, an Italian banking group.
In a statement, Euronext noted that there can be no certainty that this will lead to a transaction.
Euronext explained that, if successful, the newly-formed group would look to support local economies and help build the backbone of capital markets union in Europe.
Confirmation of the bid comes shortly after Euronext completed its purchase of VP Securities, Sweden’s only central securities depository, which is aimed to cement its Nordic and European presence.
Late last week, Deutsche Boerse also submitted a bid to acquire Borsa Italiana Group. In a statement, the German exchange said it “would play a crucial role in strengthening the Italian economy and the European capital markets”.
