Spain’s market regulator CNMV stated on Thursday March 26, that it had authorized a bid by Swiss exchange SIX to buy Madrid stock market operator BME, leaving a 5-day window for potential rivals to file a counter bid.
The move comes after the Spanish government cleared the takeover on Tuesday. CNMV had recommended last week that the government approve the bid, reported Reuters.
BME shareholders will have the final say on the deal. The operation will also need antitrust clearance from the European Commission.
The CNMV approval gives other would-be buyers five days to file a counter bid. Paris-based Euronext has expressed interest in buying BME but hasn’t submitted a formal bid. The takeover is being closely watched by an industry concerned about technological changes such as blockchain that could disrupt the business model of charging fees per transaction by dramatically cutting costs.
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