Borsa Italiana leaves the London Stock Exchange to enter, with a significant shareholding, the structure of Euronext. The purchase of Borsa spa involved an outlay of 4,325 billion euro cash. Cassa Depositi e Prestiti, together with Intesa San Paolo, will enter the Euronext holding company in two stages: first there was the entry of Cdp Equity in the capital of Euronext (700 million) then the acquisition by the latter of Borsa Italiana. At the end of the various steps, Cdp Equity will own 7,3% of Euronext's capital , a share equal to that controlled by the transalpine Caisse des Depots et Consignations. The CDP will then be joined by Intesa Sanpaolo with 1,3% of the capital against a similar percentage controlled by Soc Gen.
In this way, CDP becomes one of the reference shareholders of the group which manages, in addition to the Italian and French stock exchanges, five other European stock exchanges: Belgium, Ireland, the Netherlands, Norway and Portugal for a total of over 1.800 listed companies and for a capitalization of approximately 4.400 billion euros. The group, based in Amsterdam, also presents itself as “a protagonist in the European capital markets infrastructure, adding significant capabilities in bond trading and increasing post-trading activities with a proprietary clearing house and a CSD, a central depository of securities, on a large scale”.
In this European frame Italy has carved out a leading role for itself. The Bel Paese will in fact be the single most important market, strong with about a third of revenues and a leading position in governance and at an operational level destined, as CEO Stéphane Boujna said, to be a protagonist "in the European infrastructure of of capitals, adding significant capabilities in bond trading and increasing post-trade activities with a proprietary clearing house and a large-scale CSD, a central securities depository”.
The operation provides that:
- Mts becomes the center of excellence for the Fixed income trading at Euronext group level.
- Cassa di Compensazione e Garanzia assumes the role of clearinghouse of the whole Euronext group, as well as playing a fundamental role on the future strategy in services post trade of Euronext
- Monte Titoli will become the largest CSD (Central Securities Depository) of the Euronext group, with a leading role in the strategy on this segment of business.
- These vocations are strengthened, underlines Cdp, by the recent agreement between Sia and Nexi for the creation of the leading company in digital payments in Europe.
An operation, in short, that has made almost everyone agree. Alessandro Penati objected that it is "impossible to understand how public intervention in a multinational group (Euronext already owns five stock exchanges in Europe), in a global and profitable industry, can bring benefits to the growth of the Italian economy already burdened with debt" . But the deal strengthens the position of the peninsula in the services economy offering opportunities for growth, also at the level of specialization of personnel of great interest. Without forgetting the prospects of Elite, the program for small and medium-sized enterprises that will finally be able to find an outlet on the stock exchange facilitated by the size of the new list.
There was obviously no lack of reactions, starting with that ofmanaging director of Cdp Fabrizio Palermo, who said he was “proud” for the completed operation: “Cdp contributes to bringing Piazza Affari within a pan-European group with a stable presence of Italian investors. Through the acquisition of 7,3% of Euronext, the group will extend its commitment as a long-term investor in support of companies that will be able to benefit from an Italian-led capital market in a broader European perspective. Borsa Italiana and its subsidiaries will become central to the Euronext system, in which Italy will represent the most important market, assuming a role of reference at the continental level. This operation follows the recent announcement of the agreement for the creation of the leading company in the market of digital payments and trading platforms with the merger between SIA and Nexi”.
Satisfaction also from Carlo Messina, CEO of Intesa Sanpaolo, the most capitalized bank of the Ftse Mib and among the first in Europe after the merger with Ubi: “As a large European banking group, we strongly believe in a project that leads towards greater integration and strengthening of the continent's financial infrastructure. Soon, with Brexit, Europe will lose its most important capital market. We believe it is a valuable opportunity to build a deep financial market outside of London or New York. Euronext, strengthened by Borsa Italiana, will have the scale and diversification to seize this opportunity, hopefully at the same time creating a market that also assumes the title of global leader in green and sustainable finance. Ours is a strategic investment in favor of a European project that leads towards the Capital Markets Union”.
