the the risks in the markets has officially started: Madrid Stock Exchange ended up in the middle of a real European fight that inevitably led to speculation about the future of Borsa Italiana.
Yesterday turned out to be quite challenging for the Spanish stock that did not get one but two expressions of interest.
Euronext (French-Dutch) and Six (Swiss) have launched a last ditch battle to grab the Madrid Stock Exchange. The long-awaited risk has therefore begun and many have wondered whether it is or not Italian stock exchange It will be directed by the buyers and eventually sold.
Everything crazy for the Madrid Stock Exchange: it's war
Yesterday morning, Monday, November 18, the operator Euronext confirmed that he had started talks with Spain to buy the Madrid Exchange to return it to a crowded group consisting of the markets in Oslo, Amsterdam, Paris, Brussels, Lisbon and Dublin.
A few hours later a new twist: also six (controlling the Zurich Stock Exchange) has shown its interest with a takeover bid of approximately EUR 2.8 billion (and a valuation of EUR 34 per security).
If successful, CEO of Swiss Jos Dijsselhof, said the operation:
"Will allow us to invest in both groups and create a very strong platform to compete and innovate in the global financial market infrastructure. "
Note that Six's offer on the Madrid Stock Exchange has given one 47.6% price compared to the weighted price of BME shares (Bolsas y Mercados spectaoles) registered over the past six months and 33.9% price compared to the closing levels for the session on Friday 15 November.
now it is up to Euronext to raise with a more attractive purchase proposal.
Even Piazza Affari in the viewfinder?
At the time of writing, it is not clear which of the two offers (or at least one of the two) is successful. What is clear, however, is that the war on the Madrid Stock Exchange has once again lit the lights on Piazza Affari's future.
Market risk, officially with Euronext and Six, can sooner or later also involves Borsa Italiana, now controlled by the London Stock Exchange Group.
As reported by Milano Finanza, both Brexit and the need to make money can push the group to abandon the tricolor arm that the latter could come up with Euronext deal. Italy (also thanks to Elite) can be valued at about 2 billion.
The important, explained MF Giulio Centemero, leader of the Lega League in the House Finance Committee, will be to leave the country a certain degree of autonomy.
These are just press rumors right now. Sure, though coming weeks they will prove to be fundamental not only to the Madrid Stock Exchange but also to Piazza Affari and to the rest of the markets.