LSE in Talks with Euronext Over Sale of Borsa Italiana -- Update
September 18 2020 - 3:49AM
Dow Jones News
By Matteo Castia
-- London Stock Exchange in exclusive talks with Euronext over
sale of Borsa Italiana.
-- Euronext partnering with Italy's Cassa Depositi e Prestiti
and Intesa Sanpaolo.
-- LSE selling Borsa Italiana to ease the European Commission
concerns over acquisition of Refinitiv
London Stock Exchange Group PLC said Friday that it has entered
into exclusive talks with Euronext NV over the sale of Italy's
Borsa Italiana.
LSE said it had received and reviewed a number of proposals from
several parties for Borsa Italiana and electronic fixed-income
trading market MTS.
Euronext said in a separate release Friday that it had engaged
in with London Stock Exchange with CDP Equity, an entity owned by
Italian investment bank Cassa Depositi e Prestiti, and Italian
banking group Intesa Sanpaolo SpA.
"Italy, through Borsa Italiana, would become the largest revenue
contributor to the enlarged Euronext group," Euronext said.
Earlier this month, Euronext and Cassa Depositi e Prestiti
joined forces to present a bid to acquire Borsa Italiana. The bid
was submitted on Sept. 14, in partnership with Intesa Sanpaolo.
In July, London Stock Exchange started exploring the possibility
of selling its interest in MTS and Borsa Italiana, in an effort to
satisfy the European Commission's regulatory concerns regarding its
own deal to acquire financial-data provider Refinitiv.
The exchange operator had agreed to buy Refinitiv in August 2019
for $27 billion, and the European Commission launched a Phase II
review into the deal.
London Stock Exchange reported in July a pretax profit of 362
million pounds ($469.7 million), at a revenue of GBP1.06 billion,
and declared an interim dividend for the first half of 23.3
pence.
Euronext added that it was not certain the talks will lead to a
transaction.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
September 18, 2020 03:34 ET (07:34 GMT)
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