LONDON (ShareCast) - (Sharecast News) - Euronext confirmed on Monday that it has made a non-binding offer to buy Borsa Italiana from London Stock Exchange.
The offer was made in partnership with Italian state lender Cassa Depositi e Prestiti (CDP) and Intesa Sanpaolo.

Euronext said there can be no certainty this will lead to a transaction.

"The proposed combination of Borsa Italiana and Euronext would create a leading player in continental European capital markets, where Italy would be the largest revenue contributor to the enlarged Euronext group," it said. "This transformational project would effectively position the newly formed group to deliver the ambition of further building the backbone of the Capital Markets Union in Europe, while at the same time supporting local economies."

A further announcement will be made as and when appropriate, Euronext said.

On Friday, Deutsche Boerse said it had submitted a bid to buy Borsa Italiana.

"As a global player, we are offering a high value for the future growth and development of an autonomous Borsa Italiana Group, thereby strengthening its crucial role for the Italian economy and the European capital markets," it said.

LSE announced in July that it had begun discussions to sell part of or all of its Borsa Italiana unit to satisfy European regulators over its deal to buy data provider Refinitiv.

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