Piazza Affari will be the next?

Yesterday turned out to be rather challenging for the Spanish stock that received not one, but two expressions of interest.

Euronext (French-Dutch) and Six (Swiss) have started a last-ditch fight to grab the Madrid Stock Exchange. The much awaited risk has therefore begun and many have wondered whether or not Italian Stock Exchange it will be targeted by the buyers and will eventually be sold.

All crazy for the Madrid Stock Exchange: it's war

Yesterday morning, Monday 18 November, the operator Euronext confirmed that he had started talks with Spain to buy the Madrid Stock Exchange to bring it back into a crowded group consisting of the markets of Oslo, Amsterdam, Paris, Brussels, Lisbon and Dublin.

A few hours later a new twist: also Six (controlling the Zurich Stock Exchange) has shown its interest with a takeover bid of around 2.8 billion euros (and a valuation of 34 euros per security).

If it succeeds, the CEO of the Swiss Jos Dijsselhof said, the operation:

"Will give us the opportunity to invest in both groups and create a very strong platform to compete and innovate in the global financial market infrastructure. "

Note that Six's offer on the Madrid Stock Exchange has provided for a 47.6% prize compared to the weighted price of the BME shares (Bolsas y Mercados Espanoles) registered in the last six months and a 33.9% prize compared to the closing levels of the session on Friday 15 November.

Now it's up to Euronext to raise with a more attractive purchase proposal.

Even Piazza Affari in the viewfinder?

At the time of writing, it is not clear which of the two offers (or if at least one of the two) is successful. What is evident, however, is that the war on the Madrid Stock Exchange has once again turned on the lights on the future of Piazza Affari.

The market risk, officially starting with Euronext and Six, may sooner or later also involve Borsa Italiana, now controlled by the London Stock Exchange Group.

As reported by Milano Finanza, both Brexit and the need to make cash could push the group to abandon the tricolor arm on which it could later arrive Euronext offer.

These are just press rumors at the moment. Certainly, however, the next weeks they will prove to be fundamental not only for the Madrid Stock Exchange, but also for Piazza Affari and for the rest of the markets.