(Alliance News) - Cassa Depositi e Prestiti is locked in a standoff with Euronext over the governance of Borsa Italiana and MTS. During a Senate hearing, CDP Chief Executive Dario Scannapieco defended the legal action filed with the Amsterdam District Court, as reported by Il Sole 24 Ore on Friday. At the heart of the dispute lies CDP';s right to co-select the leadership of these two strategic assets, as stipulated in the 2020 agreements.

The crux of the matter is the interpretation of the procedure: CDP maintains it applies at the end of every mandate, while Euronext argues it only triggers in the event of a vacancy. Should the Franco-Dutch position prevail, Scannapieco warned, Italian prerogatives would depend solely on Euronext';s discretion.

The technical framework of the agreements requires CDP to propose a shortlist of candidates, from which Euronext appoints the CEO. With mediation having failed, the matter now rests with the Dutch courts, with a ruling expected within a year. Should CDP prevail, the current leadership could be removed. CDP remains 'open to dialogue' but stands firm on protecting the pacts. Economy Minister Giorgetti is scheduled to testify on the matter on June 18.

By Michele Cirulli, Alliance News reporter

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