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  • Pan-European stock market operator Euronext said Friday it was teaming up with Italian lender CDP to submit a joint bid for Milan's Borsa Italiana. The move came amid reports of possible rival offers for the Milan stock exchange from Switzerland's SIX and Germany's Deutsche Boerse. Euronext -- which operates the exchanges of Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris -- said in a statement that it was "currently in discussions with Cassa Depositi e Prestiti to submit an offer to London Stock Exchange Group plc for the acquisition of the business and key operational assets of Borsa Italiana". "A further announcement will be made as and when appropriate," the Paris-based company said. According to Bloomberg, the joint bid values Borsa Italiana at 3.5-4.0 billion euros ($4.2-4.7 billion). And CDF would get around eight percent of Euronext under the terms of the deal, Bloomberg said. LSEG had said at the end of July that it was prepared to sell the Milan exchange in order to win approval by the EU Commission of its planned purchase of US financial data provider Refinitiv. Euronext chief Stephane Boujnah had said at the start of the year that his company could be interested if LSEG were willing to sell. Mergers and acquisitions were useful "but not an end in themselves", he said. The aim was to diversify and "we will examine all assets" that present themselves, Boujnah said. Euronext has been on a shopping spree recently, buying the Danish Central Securities Depository, VP Securities, last month to expand its Nordic footprint. It also acquired the Scandinavian electricity exchange Nord Pool in January and the Oslo Stock Exchange in June 2019. By contrast, it decided not to buy the Madrid stock exchange, which was eventually snapped up Swiss operator SIX. In Italy, state-owned CDF confirmed it was "proceeding jointly with Euronext to submit a non-binding bid for Borsa Italiana". Italian news agency Radiocor, quoting sources familiar with the matter, said the deadline for bids had been set back until September 14. Rome has said all offers will be examined closely by the government and the regulatory authorities. Economy and finance minister Roberto Gualtieri said he hoped Borsa Italiana would "find its strategic place within the single market and the eurozone, with industrial and financial partners able to support and strengthen in the project for a single capital market at a European level". vac-cc-pan/spm/jxb
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  • Euronext in talks to buy Milan stock exchange
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