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    ENX   NL0006294274

EURONEXT N.V.

(ENX)
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Euronext offers Rome concessions to win Borsa Italiana - sources

09/10/2020 | 11:53am EDT

* CDP would take around 8% stake in Euronext - sources

* Italy would get 2 Euronext management board seats - source

* Would also pick Euronext supervisory board chair - source

ROME/LONDON, Sept 10 (Reuters) - French stock exchange operator Euronext has made Rome a key ally in its bid plan to take over Borsa Italiana, granting Italian state lender CDP significant influence in the combined business, sources familiar with the matter told Reuters.

CDP is set to take a stake of around 8% in Euronext, equalling that held by French state investor Caisse des Depots et Consignations, the sources said, speaking on condition of anonymity.

Italian bank Intesa Sanpaolo has also teamed up with CDP to safeguard Italian interests in the Milan bourse, while other Italian investors are set to join, the sources said.

Intesa Sanpaolo, Euronext and the Italian Treasury declined to comment.

Rome is keen to see the Euronext consortium prevail in negotiations with the London Stock Exchange (LSE), which took control of Borsa in 2007 and is now trying to sell it as part of the regulatory remedies to clear its $27 billion acquisition of data provider Refinitiv.

Italian Finance Minister Roberto Gualtieri held talks over the future of the bourse with Euronext Chief Executive Stephane Boujnah in a private meeting in Rome on Wednesday.

Euronext's proposal would offer Italy two seats on its managing board and additional representation at all governance levels, one of the sources said.

Boujnah is also prepared to grant Italy the ability to appoint Euronext's supervisory board chairman, who oversees the activity of the managing board, one of the sources said.

In addition, Rome will exercise great influence over Borsa's MTS platform, which is used for trading Italy's huge sovereign debt and is seen as an asset of strategic importance, this source said.

Discussions over the deal structure are still fluid and both sides have yet to reach a final agreement, the sources said.

Swiss stock exchange Six and Deutsche Boerse are also planning to launch rival bids for the Milan bourse, with Six hoping to lure Rome with a proposal that would give Borsa some form of strategic independence by keeping its management team, brand and autonomy, two separate sources said.

Six became Europe's third largest stock exchange operator by revenues after completing a 2.57 billion euro ($3.05 billion)takeover of Spanish rival BME earlier this year.

But while LSE will review the offers and shortlist the final bidders, the Italian Treasury is playing kingmaker and will use its "golden power" legislation to block any unwanted takeover of Borsa, deemed a key asset by Italian lawmakers.

Six and Deutsche Boerse declined to comment.

($1 = 0.8414 euros) (Reporting by Giuseppe Fonte in Rome and Pamela Barbaglia in London; additional reporting by Valentina Za, Elvira Pollina and Elisa Anzolin in Milan; Editing by Susan Fenton and Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BÖRSE AG -1.93% 140 Delayed Quote.0.54%
EURONEXT N.V. -1.99% 103.2 Real-time Quote.25.40%
INTESA SANPAOLO S.P.A. -1.39% 2.374 Delayed Quote.24.12%
LONDON STOCK EXCHANGE PLC -1.60% 8010 Delayed Quote.-11.08%
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Analyst Recommendations on EURONEXT N.V.
More recommendations
Financials
Sales 2021 1 286 M 1 507 M 1 507 M
Net income 2021 442 M 518 M 518 M
Net Debt 2021 2 456 M 2 880 M 2 880 M
P/E ratio 2021 23,2x
Yield 2021 2,10%
Capitalization 11 019 M 12 934 M 12 920 M
EV / Sales 2021 10,5x
EV / Sales 2022 8,83x
Nbr of Employees 1 405
Free-Float 84,6%
Chart EURONEXT N.V.
Duration : Period :
Euronext N.V. Technical Analysis Chart | ENX | NL0006294274 | MarketScreener
Technical analysis trends EURONEXT N.V.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 103,20 €
Average target price 105,34 €
Spread / Average Target 2,07%
EPS Revisions
Managers and Directors
Stéphane Boujnah Chairman-Managing Board & Group CEO
Giorgio Modica Chief Financial Officer
Dick M. Sluimers Chairman-Supervisory Board
Georges Lauchard Chief Operating Officer
Manuel Ferreira da Silva Independent Member-Supervisory Board
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