The clash between CDP ed Euronext for the control of the Italian Stock Exchange It's going to court. Cassa Depositi e Prestiti has filed a lawsuit against the listings holding company in Amsterdam, the group's registered office and the competent court. The lawsuit was revealed. MF-Milan Finance, according to which the crux of the matter would bethe appointment of the new CEO after Fabrizio TestaAccording to CDP, based on the 2020 shareholders' agreements, the choice of CEO would be up to Rome, while Euronext has no intention of giving up and is willing to confirm Testa as head of the Milan Stock Exchange.
Borsa Spa: The Battle Between Euronext and Cdp
At the end of April, the 28th to be precise, the Borsa Spa meeting it will have to be expressed at the top. Italy wants to choose a new CEO, Not because it disputes Fabrizio Testa's actions and does not want his reappointment – Mf explains –, but because it wants to act as a reference shareholder and decide who the managers are in Italy. However, Euronext, led by the CEO Stephane Boujnah, publicly demonstrated appreciation for Testa in mid-February when the group's accounts were released and is not budging from this intention.
The dissent is not on Testa, The business newspaper highlights. Indeed, in recent years, the manager has achieved record results: in 2025, the company recorded revenues of €730 million, 57% more than in 2020, the year in which the stock exchange holding company acquired Piazza Affari, while the number of employees in the same period increased from 665 to 855 (+29%). But above all: the dividends collected by CDP have more than doubled, From 12 to 26 million. Not to mention the market value of the Euronext stock, listed in Paris: it was worth 669 million at the time of purchase, today it is over 1 billion euros.
Borsa Spa: who chooses the CEO?
The tug of war between the two companies concerns instead the power of appointment. CDP claims, under the 2020 shareholders' agreements, the right to select the top management of the Milan Stock Exchange. Euronext's interpretation differs, claiming that the 2020 agreements stipulated that CDP would appoint the group's chairman (currently Piero Novelli) and a member of the Supervisory Board (Francesca Scaglia, formerly of CDP), not the CEO.
Cdp would have therefore decided to put the matter in the hands of lawyers. How do you explain mf, According to Cassa, by seizing control of the CEO, Euronext would be violating the shareholders' agreements that formed the basis for the creation of the European super-stock exchange, which entrust Italy with the appointment of the top management of the Milan Stock Exchange. Not only that, but by violating these rules, it also violates the standard procedure the Italian government uses for appointments to state-owned companies, which involves a search for all suitable candidates for the position of CEO. Now we wait. a response from Euronext front before the legal dispute begins. For now, it's a standoff.
