Euronext finalizes takeover of Italian Stock Exchange

0 Comment(s)Print E-mail Xinhua, October 10, 2020
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ROME, Oct. 9 (Xinhua) -- Officials from the Euronext Stock Exchange on Friday announced it had acquired the Italian Stock Exchange, adding the Milan bourse to those in seven other European cities.

The 4.3-billion-euro (5.1 billion U.S. dollars) deal will see control of the Italian Stock Exchange switch to Euronext from the London Stock Exchange. It means Euronext, which was spun off from the New York Stock Exchange in 2014, now adds Milan to the bourses in Amsterdam, Brussels, Dublin, Lisbon, London, Oslo, and Paris.

The Italian exchange will add more than 450 companies and a market capitalization of around 35 billion euros (41 billion U.S. dollars) to Euronext.

After the deal was finalized, Italian Prime Minister Giuseppe Conte praised the development, saying the addition of the Italian Stock Exchange transformed Euronext into a "European capital markets leader." He described the deal as a "fundamental step that restores Italy's central role in a strategic infrastructure while creating benefits for our companies."

The handover is expected to be finalized in 2021, according to a statement from Euronext. Before that can happen, Euronext said, the Italian Stock Exchange will have to sell off any holdings that could create conflicts regarding European Commission clearances. Enditem

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