Dark horse

27 August 2020 By Lisa Jucca Follow @LJucca

Deutsche Boerse and Euronext have been favourites for buying the Milan exchange operator, worth at least 3 bln euros. Unlisted SIX has deep pockets, big ambitions, and tolerance for lower returns. Despite a non-EU base, it could be a worthy contender.

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SIX’s finance chief Daniel Schmucki told Reuters on Aug. 25 that the exchange and data company was looking to further expand even as it had just completed its acquisition of Spain’s Bolsas y Mercados Españoles.

A consortium comprising France’s Euronext and Italian state investor Cassa Depositi e Prestiti has bid for the bond-trading platform MTS, which London Stock Exchange Group has put up for sale to win European Union antitrust approval for its $27 billion takeover of data company Refinitiv, Reuters reported on Aug. 22. Deutsche Boerse and Switzerland’s SIX have also presented offers, Reuters added.

MTS is 62.5%-owned by Borsa Italiana, which is in turn controlled by LSE. The non-binding offers value Borsa Italiana’s stake in MTS at between 300 million euros and 350 million euros, Reuters reported.

LSE has set a Sept. 11 deadline to submit bids for all of Borsa Italiana, which Credit Suisse analysts value at between 3.3 billion euros and 4.3 billion euros.

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LSE has set a Sept. 11 deadline to submit bids for all of Borsa Italiana, which Credit Suisse analysts value at between 3.3 billion euros and 4.3 billion euros.

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