on market risk officially launched: on Madrid Stock Exchange ended in the midst of a real European battle that inevitably led to speculation even about the future of Borsa Italy.
Yesterday proved to be quite a challenge for the Spanish stock market, which received not one, but two expressions of interest.
Euronext (Franco-Dutch) and Fest (Switzerland) have begun their last fight to grab the Madrid Stock Exchange. So the expected risk began and many wondered whether or not Italian Stock Exchange it will be targeted by the buyers and eventually sold.
All crazy about the Madrid Stock Exchange: it's a war
Yesterday morning, Monday, November 18, the operator Euronext confirmed that it had begun talks with Spain to buy the Madrid Stock Exchange to turn it into a crowded group of markets in Oslo, Amsterdam, Paris, Brussels, Lisbon and Dublin.
A few hours later a a new twist: also six (controlling the Zurich Stock Exchange) has shown interest with a buyback offer of around 2.8 billion euros (and an estimate of 34 euros per securities).
If that succeeds, said Swiss CEO José Dieselhoff, the operation:
"It will give us the opportunity to invest in both groups and create a very strong platform to compete and innovate in the infrastructure of the global financial market. "
Note that the Sixth offer on the Madrid Stock Exchange is planned for 47.6% reward compared to the weighted price of BME stocks (Bolsas and Mercados Espanyoles) registered in the last six months and 33.9% reward compared to session closing levels on Friday, November 15th.
now it remains to collect EuroExtract with a more attractive purchase offer.
Even Piazza Afari in the viewfinder?
At the time of writing, it is not clear which of the two bids (or at least one of the two) is successful. What is clear is that the Madrid Stock Exchange war has once again turned on the lights for Piazza Afari's future.
Market risk, officially starting with Euronext and Six, may sooner or later include Borsa Italia, now controlled by the London Stock Exchange Group.
Brexit and the need to make money, according to Milan Jinanza, may have prompted the group to abandon the tricolor arm it could later reach. Euroex Offer.
These are just rumors about the press at the moment. Still, though weeks to come they will prove to be fundamental not only to the Madrid Stock Exchange but to Piazza Afari and other markets.