Monday 18 November 2019 8:38 am

Battle for the bourse: Two stock exchange operators in race to buy BME

Two rival stock exchange operators are battling it out to buy Spanish bourse BME.

In a sign of the consolidation efforts within Europe’s financial exchanges sector, Euronext and SIX Group have both revealed they have had talks to buy the Madrid-based national stock exchange Bolsas y Mercados Espanoles.

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Swiss exchange group SIX has made an all-cash €2.8bn (£2.4bn) offer for BME, it said this morning.

The operator said in a statement: “SIX believes that this transaction will strengthen both Spanish and Swiss ecosystems, by creating centres of excellence and bringing new capabilities to BME and SIX participants as well as attracting new global capital pools to Spain and enhancing Swiss asset managers’ presence in the EU.”

Just minutes earlier, Euronext confirmed reports over the weekend that it was in talks with the board of directors of BME, adding that it “which may or may not lead to an offer being made”.

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Credit Suisse is advising Six, while Morgan Stanley is working for BME.

SIX boss Jos Dijsselhof said: “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.”

Dijsselhof added that BME will continue to operate independently with its existing management team, regulated by the CNMV as now.

Earlier this month pan-European stock exchange operator Euronext suggested that it would look at chasing more acquisitions after posting a rise in revenue that was driven by its recent purchase of Nordic exchange Oslo Bors.