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Borsa Italiana board of directors to evaluate progress in European project

Borsa Italiana board of directors to evaluate progress in European project

The board of directors of Borsa Italiana, the operator of the Milan Stock Exchange, was meeting Thursday amid reports it planned to sign a memo of intent as early as this week to merge with Deutsche Boerse AG.
Officials at Borsa Italiana confirmed the meeting "to evaluate the progress of the project to create a federation of European stock markets as presented by Chief Executive Massimo Capuano," but declined to discuss where the project stands.
Borsa Italiana launched talks with other European stock markets in July aimed at creating what it called a "European federal exchange project." Observers saw the move as an attempt to squeeze out the NYSE Group Inc.'s euro8 billion (US$10 billion) bid for the European exchange operator Euronext.
However, Italian media reports in recent days have suggested a project including Euronext was not currently on the table, but that the Italian and German stock market operators were expected to sign a letter of intent to merge.
The German market has continued to court Euronext, despite its agreement with NYSE, the operator of the New York Stock Exchange.


Updated : 2020-12-04 19:39 GMT+08:00