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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Börse AG    DB1   DE0005810055

DEUTSCHE BÖRSE AG

(DB1)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 10/27 03:01:28 pm
132.775 EUR   -1.06%
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LSE picks Euronext as preferred bidder for Borsa Italiana

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09/18/2020 | 07:47am EDT
FILE PHOTO: The London Stock Exchange offices in the City of London, Britain

London Stock Exchange entered exclusive talks to sell Borsa Italiana to Euronext on Friday, with the French operator seeing off Deutsche Boerse and Switzerland's Six as it bids to add another bourse to its pan-European network.

Dubbed "Project Botticelli", the LSE's sale of the Milan stock exchange is sensitive in Rome due to concerns about who takes control of its bond platform, which handles trading of Italy's 2.6 trillion euros ($3.1 trillion) of government debt.

The LSE is selling Borsa as part of regulatory remedies to see through its $27 billion purchase of data provider Refinitiv, which is 45% owned by Thomson Reuters, parent company of Reuters News.

It was not immediately clear what Euronext had offered to gain exclusive talks, but investors welcomed the move and its shares were up 5% at 0946 GMT. LSE stock was up 0.7%.

Offers for Borsa valued it at up to 4 billion euros, sources said before the LSE board reviewed the bids on Thursday.

Chief Executive Stephane Boujnah declined to comment on the value of Euronext's bid, but told Reuters that price was one of several elements LSE had taken into consideration.

Boujnah said Euronext had always considered Borsa "a natural fit" and contacts had accelerated since July after years of informal discussions with all relevant stakeholders.

"It's a natural enlargement of Euronext within a framework that already existed, clearly with an unprecedented size. It's the first time we're welcoming within Euronext a G7 economy, the third economy of the European continent with everything that is related to that," Boujnah added.

Euronext had moved to win round both the LSE and Rome by teaming up with Italy's state investor Cassa Depositi e Prestiti and Italian bank Intesa Sanpaolo in order to gain Italy's buy-in.

Both CDP and Intesa will become shareholders in the French exchange operator, if the bid for Borsa succeeds, by subscribing to a proposed capital increase.

'ITALIAN ECOSYSTEM'

Under the proposed deal, CDP would have a seat on Euronext's supervisory board, with a second Italian candidate proposed as an independent board member who would become chairman, in a nod to how Milan would be the largest contributor to Euronext revenue at roughly 35% of a combined group.

Borsa would join exchanges under the Euronext banner that span Dublin and Oslo to Brussels, Amsterdam and Paris, and add significant bond trading, clearing and settlement capacity.

"Key businesses and central functions of the new group would be based in Milan and Rome," Euronext said.

The deal would give Euronext much-needed scale, ownership of a clearing house with critical mass, and scope to scale the business internationally, analysts at Jefferies said.

It would also bring Milan under euro zone ownership after Britain left the EU, a move likely to please Brussels policymakers who want to buttress the bloc's capital market.

"The Italian government expressed a preference to have a solution, a project within the European Union, within the single market, the euro zone," Boujnah said.

Switzerland's Six had no comment, while Deutsche Boerse said it had made an attractive offer that would have given Milan a high degree of autonomy.

LSE Chief Executive David Schwimmer appears keen to have a deal fleshed out before Dec. 16, when EU competition officials decide whether to approve the Refinitiv takeover.

Goldman Sachs and Morgan Stanley advised LSE on the sale, while Euronext was represented by JP Morgan and Mediobanca and Lazard worked with CDP.

($1 = 0.8435 euros)

By Huw Jones, Valentina Za and Maya Nikolaeva


Stocks mentioned in the article
ChangeLast1st jan.
COMBINED GROUP CONTRACTING COMPANY - K.S.C. (PUBLIC) 0.56% 0.181 End-of-day quote.-27.18%
DEUTSCHE BÖRSE AG -0.78% 133.15 Delayed Quote.-4.25%
EURONEXT N.V. 0.65% 92.3 Real-time Quote.26.22%
INTESA SANPAOLO S.P.A. -2.38% 1.4906 Delayed Quote.-34.98%
LAZARD LTD 0.55% 34.935 Delayed Quote.-13.09%
LONDON STOCK EXCHANGE PLC 1.47% 8546 Delayed Quote.8.67%
MORGAN STANLEY -3.10% 48.76 Delayed Quote.-1.56%
THE GOLDMAN SACHS GROUP, INC. -2.61% 196.0137 Delayed Quote.-12.52%
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Financials
Sales 2020 3 239 M 3 825 M 3 825 M
Net income 2020 1 142 M 1 349 M 1 349 M
Net Debt 2020 1 736 M 2 050 M 2 050 M
P/E ratio 2020 21,8x
Yield 2020 2,31%
Capitalization 24 616 M 29 090 M 29 068 M
EV / Sales 2020 8,14x
EV / Sales 2021 7,92x
Nbr of Employees 6 427
Free-Float 96,5%
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 158,56 €
Last Close Price 134,20 €
Spread / Highest target 39,3%
Spread / Average Target 18,2%
Spread / Lowest Target 0,60%
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Managers
NameTitle
Theodor Weimer Chief Executive Officer
Martin Jetter Chairman-Supervisory Board
Christoph Böhm Chief Operating & Information Officer
Gregor Pottmeyer Chief Financial Officer
Mareike Sich Head-Financial, Corporate & IT
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