On Wednesday Euronext formally announced its successful tender offer on Hellenic Exchanges (ATHEX), operator of the Athens Stock Exchange. Following the operation, the pan-European group holds about 74% of the voting rights, strengthening its presence in Southern Europe. The offer, completed on Monday, was backed by 1,962 shareholders, representing around 43 million shares, a level well above the minimum threshold required, reduced from 67% to a little over 50% of voting rights plus one share.
The deal proposed an exchange of ATHEX shares for Euronext shares at a ratio of 0.050 Euronext share for one ATHEX share. Greek Finance Minister Kyriakos Pierrakakis welcomed the acquisition as one of the major investments of these past decades in Greece. He highlighted its expected effects on local market liquidity, access to capital for Greek companies, and alignment with European ambitions in terms of savings and investment.
This acquisition is part of Euronext's consolidation strategy, already present in several major European financial centers, including Paris, Amsterdam, Milan and Oslo. The group has long argued in favor of reducing the fragmentation of capital markets in Europe, which it sees as an obstacle to competitiveness compared with the United States. The integration of ATHEX aims to strengthen the efficiency and appeal of the European market as a whole.
