An Amsterdam court has dismissed a request by Italian state lender Cassa Depositi e Prestiti (Cdp) to block the reappointment of Fabrizio Testa as Chief Executive Officer of the Milan Stock Exchange.

The ruling was detailed in a court document seen by Reuters.

Cdp holds an 8.1% stake in Euronext, the owner of Borsa Italiana. The Italian lender is seeking to compel Amsterdam-based Euronext to consider alternative candidates to Testa and to conduct a formal selection process.

Testa has headed Borsa Italiana since 2021 and is slated for reappointment at the Euronext shareholders' meeting scheduled for May 20.

Cdp, which is 80% controlled by the Italian Treasury, filed the petition with the Amsterdam court last month in an attempt to halt the nomination.

The institution intends to appeal the court's decision, a source familiar with the matter told Reuters.

Euronext declined to comment.

(Translated by Jasmine Mazzarello, editing by Stefano Bernabei)