ZCZC
BCN-01
MARKETS-EXCHANGE-SWITZERLAND-SPAIN-ACQUISITION
Swiss stock exchange says to bid 2.8 bn euros for Spanish BME bourse
ZURICH, Nov 18, 2019 (BSS/AFP) – Swiss stock exchange operator SIX said
Monday it planned to bid for Bolsas y Mercados Espanoles (BME) to create
Europe’s third biggest operator, just as pan-European exchange Euronext
signalled its own interest in the Spanish exchange.
The Swiss group said in a statement that it was proposing an all-cash
tender offer of 34 euros per share for BME stock market, which was 33.9
percent over its closing price on Friday, for a total of 2.84 billion euros
($3.14 billion).
BME notably runs the Madrid stock exchange where it compiles the benchmark
IBEX-35 index.
It also has a strong presence in Latin American stock trading.
SIX said it expects to keep BME’s stand-alone listing in the Madrid,
Barcelona, Bilbao and Valencia Stock Exchanges.
“A combination with BME will bring direct and immediate benefits to the
stakeholders of both our institutions, at a time when consolidation in global
financial markets infrastructure is accelerating,” Romeo Lacher, Chairman of
the SIX Board, said in the statement.
SIX chief executive Jos Dijsselhof meanwhile stressed that “this proposed
transaction will give us the capability to invest in both groups and create a
very strong platform to compete and innovate in the global financial market
infrastructure sector.”
The announcement came as European financial markets operator Euronext also
said Monday it was in talks with BME with the aim of taking over the Spanish
operator.
Euronext stressed though that the talks “may or may not lead to an offer
being made” and a further announcement would be made “as and when
appropriate”.
Euronext groups the exchanges in Paris, Brussels, Amsterdam, Lisbon,
Dublin and Oslo.
It is currently the biggest platform in Europe, followed by the London
Stock Exchange, Deutsche Boerse and SIX.
BSS/AFP/RY/1515 hrs