Pressure is mounting on Italy’s government to delay the acquisition of Borsa Italiana by Euronext NV unless the Milan-based exchange is assured more autonomy and decision-making power, according to Bloomberg.
The deal would create Europe’s largest listing venue, which Euronext has long maintained could become the backbone of a future European capital markets union.
London Stock Exchange Group in October agreed to sell Borsa to Euronext and two Italian lenders for more than €4.3 billion (US$5.1 billion). Borsa has since developed concerns over the agreement because it would concentrate power in Paris instead of creating a pan-European market, people said on condition of anonymity.
Those concerns have now reached Italy’s parliament, where a related motion drawn up by parties from the ruling coalition will be debated on Wednesday. A draft document seen by Bloomberg calls for enhanced security for the country’s “strategic assets” and a more central role for Italy within Euronext.
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