Euronext and CDP Equity confirm exclusive talks with LSEG to
acquire Borsa Italiana
CONTACT EURONEXT - Media: |
CONTACT EURONEXT - Investor Relations: |
Amsterdam |
+31.20.721.4133 |
Brussels |
+32.2.620.15.50 |
+33.1.70.48.24.17 |
|
DublinOslo |
+353 1 617
4221 +47 22 34 19 15 |
LisbonParis |
+351.210.600.614+33.1.70.48.24.45 |
|
|
EURONEXT AND CDP EQUITY CONFIRM EXCLUSIVE TALKS WITH
LSEG TO ACQUIRE BORSA ITALIANA
Amsterdam, Brussels, Dublin, Lisbon,
Oslo, Paris and Rome –
18 September
2020 – Euronext and CDP Equity (“CDPE”, 100% owned by
Cassa Depositi e Prestiti) confirm they have entered into
exclusive talks with London Stock Exchange Group plc (“LSEG”) to
acquire Borsa Italiana group, together with Intesa Sanpaolo. There
can be no certainty that this will lead to a transaction.
The proposed combination of Borsa Italiana and
Euronext would create a leading player in continental European
capital markets. This transformational project would 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.
Italy, through Borsa Italiana, would become the
largest revenue contributor to the enlarged Euronext group. As a
new major country in the Euronext federal model, Italy would be
represented at group level of Euronext governance by Italian
representatives, in the Reference Shareholders, the Supervisory
Board, the Managing Board and the College of Regulators supervising
Euronext group’s activities.
If the discussions lead to the successful
completion of the transaction, and as part of the partnership
entered on 11 September 20201, CDP Equity and Intesa
Sanpaolo would join the existing group of Euronext long-term
Reference Shareholders2 through the subscription of a reserved
capital increase, with CDPE acquiring a stake in line with those
held by the largest reference shareholders of Euronext, and having
a representative at the Supervisory Board of Euronext. A second
Italian candidate would be proposed as an independent member of the
Supervisory Board and would become the Chairman of the combined
group. Consob would be invited to join Euronext’s College of
Regulators, becoming part of the supervision of Euronext at group
level pari passu with other European regulators with a rotating
chair every semester. Direct regulatory oversight of Borsa Italiana
would remain unchanged allowing Consob and Banca d’Italia to
continue directly supervising Borsa Italiana’s activities.
Borsa Italiana would maintain its current
functions, structure and relationships within the Italian ecosystem
and preserve its Italian identity and strengths. The Italian CEO of
Borsa Italiana would join the Managing Board of Euronext. The CEO
of MTS would join the extended Managing Board, alongside the other
key leaders of large business units and key central functions of
Euronext, with group-wide responsibilities for fixed income
trading. Borsa Italiana’s knowledge, expertise and understanding of
the specific features of the Italian market would be a fundamental
element of enrichment for Euronext, and would be valued and
preserved. The combined group would strengthen Borsa Italiana as
the go-to venue for listing and trading in Italy and continue to
develop their programmes to facilitate the access to equity
financing for companies, with a specific focus on SMEs.
Key businesses and central functions of the new
group would be based in Milan and Rome. In particular, MTS, which
operates interdealer, Dealer-to-Client and Repo markets, primarily
for European Government Bonds, with a focus on Italian markets,
would become the group’s European Center of Excellence for fixed
income trading. Cassa di Compensazione e Garanzia S.p.A.
(“CC&G”) would be the clearing house within the combined entity
and would become a key pillar of the enlarged Euronext’s post-trade
strategy. In addition, Monte Titoli S.p.A., the Italian Central
Securities Depository (“CSD”), offering issuance, settlement and
custody services would become the largest CSD within the Euronext
group, becoming a key contributor to Euronext’s CSDs ambition. The
leadership of group finance function would be located in Milan.
Euronext is committed to maintaining an
investment grade credit rating and its robust financial structure.
The potential transaction would be financed through a mix of (i)
existing available cash, (ii) new debt and (iii) new equity in the
form of a reserved capital increase to CDPE and Intesa Sanpaolo and
a rights issue to Euronext’s shareholders.
The terms of any transaction remain subject to
the three partners’ Managing Board and Supervisory Board approvals
and there can be no certainty that a transaction will take place.
Should the parties enter into binding agreements, any potential
transaction will be dependent upon the outcome of the European
Commission’s review of the Refinitiv transaction and that
transaction closing in accordance with its terms, and will be
subject the approval of Euronext’s shareholders, regulatory
approvals, and other customary conditions.
A further announcement will be made as and when
appropriate.
CONTACTS – EURONEXTMedia -
mediateam@euronext.com
Aurélie Cohen (Europe/Paris)
:
+33 1 70 48 24 17
Analysts & investors –
ir@euronext.comAurélie
Cohen
+33 1 70 48 24 17 Clément
Kubiak
+33 1 70 48 26 33
Media (Italy)
Auro
Palomba
auro.palomba@communitygroup.itRoberto
Patriarca
+39 335 650 9568 ; roberto.patriarca@communitygroup.it
CONTACTS – CDP Equity
External RelationsGianfranco De
Marchi
+39 336 634686;
gianfranco.demarchi@cdpequity.it
Francesca
Muratori
+39 329 3007882 ; francesca.muratori@cdpequity.it
About EuronextEuronext is the
leading pan-European market infrastructure, connecting local
economies to global capital markets, to accelerate innovation and
sustainable growth. It operates regulated exchanges in Belgium,
France, Ireland, The Netherlands, Norway and Portugal. With close
to 1,500 listed issuers worth €3.8 trillion in market
capitalisation as of end June 2020, it has an unmatched blue
chip franchise and a strong diverse domestic and international
client base. Euronext operates regulated and transparent equity and
derivatives markets and is the largest centre for debt and funds
listings in the world. Its total product offering includes
Equities, FX, Exchange Traded Funds, Warrants & Certificates,
Bonds, Derivatives, Commodities and Indices. Euronext also
leverages its expertise in running markets by providing technology
and managed services to third parties. In addition to its main
regulated market, it also operates Euronext
GrowthTM and Euronext AccessTM, simplifying access to listing for
SMEs. Euronext provides custody and settlement services
through central securities depositories in Denmark, Norway and
Portugal. For the latest news, follow us on Twitter
(twitter.com/euronext) and LinkedIn (linkedin.com/euronext).
About CDP Equity CDP Equity is
a holding company of Cassa Depositi e Prestiti Group, with the
objective of investing in Italian companies of significant national
interest with economic, financial and asset balance, having
suitable perspectives in terms of profitability and development,
capable to create value for the investors. CDP Equity also owns
majority and minority interests in asset management companies,
focusing on different business areas..
Disclaimer This press release
is for information purposes only: it is not a recommendation to
engage in investment activities and is provided “as is”, without
representation or warranty of any kind. While all reasonable care
has been taken to ensure the accuracy of the content, Euronext does
not guarantee its accuracy or completeness. Euronext will not be
held liable for any loss or damages of any nature ensuing from
using, trusting or acting on information provided. No information
set out or referred to in this publication may be regarded as
creating any right or obligation. The creation of rights and
obligations in respect of financial products that are traded on the
exchanges operated by Euronext’s subsidiaries shall depend solely
on the applicable rules of the market operator. All proprietary
rights and interest in or connected with this publication shall
vest in Euronext. This press release speaks only as of this date.
Euronext refers to Euronext N.V. and its affiliates. Information
regarding trademarks and intellectual property rights of Euronext
is available at www.euronext.com/terms-use. © 2020, Euronext N.V. -
All rights reserved.
The Euronext group processes your personal data
in order to provide you with information about Euronext (the
"Purpose"). With regard to the processing of this personal data,
Euronext will comply with its obligations under Regulation (EU)
2016/679 of the European Parliament and Council of 27 April 2016
(General Data Protection Regulation, “GDPR”), and any applicable
national laws, rules and regulations implementing the GDPR, as
provided in its privacy statement available at:
https://www.euronext.com/en/privacy-policy.In accordance with the
applicable legislation you have rights with regard to the
processing of your personal data:
- for more information on your rights, please refer to:
https://www.euronext.com/data_subjects_rights_request_information,
- to make a request regarding processing of your data or to
unsubscribe to this press release service, please use our data
subject request form at
https://connect2.euronext.com/form/data-subjects-rights-request or
email our Data Protection Officer at dpo@euronext.com.
1 Please refer to the press release published on 11 September
2020, available at: https://www.euronext.com/fr/node/1667751
2 For more details about Euronext’s reference shareholders,
please refer the 2019 Universal Registration Document available at
https://www.euronext.com/en/investor-relations/financial-information/financial-reports
- 20200918_PR_ENX_Exclusivity
Euronext NV (EU:ENX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Euronext NV (EU:ENX)
Historical Stock Chart
From Jul 2023 to Jul 2024