SIX makes highest bid for Borsa Italiana: report

On the 09/14/20 at 7:57AM

Swiss stock operator Six is said to have proposed the highest bid for the acquisition of Borsa Italiana from London Stock Exchange Group, Reuters reports, citing sources familiar with the matter.

Six's bid adds to the formal non-binding offerings of Euronext and Deutsche Börse for the Milan stock exchange operator. The three bids range from €3.5bn to €4bn according to one of the sources cited by Reuters. Six recently took over Spanish peer BME - also eyed by Euronext before the transaction - for €2.57bn, positioning the Swiss group as Europe's third largest operator in revenue terms.

Earlier on Monday, pan-European stock exchange group Euronext confirmed the submission of a non-binding offer to London Stock Exchange Group plc to acquire Borsa Italiana.

"The partnership includes CDP Equity and Intesa Sanpaolo. There can be no certainty that this will lead to a transaction," Euronext said, adding that an eventual 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."

"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," argued Euronext.

Last Friday, Deutsche Börse was the first stock exchange group to come forward by announcing it submitted a bid to acquire Borsa Italiana too. In a media statement, Deutsche Börse said: "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."

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