Euronext has announced that today, at an extraordinary general meeting, its shareholders voted in favour of all items on the agenda, including the contemplated acquisition of the Borsa Italiana Group, with approval from more than 99.99% of the votes cast.
Following the approval by London Stock Exchange Group’s shareholders on November 3, 2020, and the approval of the transaction by the German Federal Cartel Office on 11 November 2020, today’s approval by Euronext’s shareholders satisfies one of the major conditions for the completion of the contemplated acquisition of the Borsa Italiana Group.
The transaction is conditional upon the divestment of the Borsa Italiana Group or a material part thereof, being a condition of the European Commission’s clearance decision for LSEG’s proposed acquisition of Refinitiv. It also requires regulatory approvals in Italy, the United Kingdom, the United States, Belgium and France, a declaration of non-objection from Euronext’s College of Regulators, and approval of Euronext as a suitable purchaser by the European Commission. Euronext expects to complete the transaction in the first half of 2021.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, commented:
“With today’s approval by our shareholders, following the approval by LSEG shareholders on 3 November 2020, we have now satisfied one of the major conditions for the transaction, which we expect to complete during the first half of 2021. We look forward to welcoming CDP Equity and Intesa Sanpaolo soon as new reference shareholders of Euronext.”
As FX News Group has reported, LSEG plc announced on October 9, 2020 that it had agreed to sell its entire shareholding in London Stock Exchange Group Holding Italia S.p.A. to Euronext N.V. LSEG is expected to receive proceeds in cash on closing (before deductions of applicable taxes and other transaction related costs) of €4.325 billion plus an additional amount reflecting cash generation to completion.