Euronext is in talks to buy up to 100% of the Athens Stock Exchange in a 399 million euro ($470 million) all-share deal that would be the latest for a group that already operates stock markets in countries including France and the Netherlands.
Euronext said on Tuesday it planned to offer one new share for every 21 shares held by investors in the Athens Stock Exchange (ATHEX), valuing ATHEX stock at 6.90 euros a piece.
ATHEX shares closed on Tuesday at 6.03 euros.
The Greek Finance Ministry welcomed the offer and said in a statement it views a possible agreement “very positively”.
“A possible acquisition of the Athens Stock Exchange by Euronext constitutes a practical vote of confidence in the stability and positive course of the Greek economy,” it added.
A combination with the Greek company would align with Euronext’s ambition to consolidate European capital markets as it sees fragmentation as one of the reasons behind a competitiveness gap with U.S. markets.
Since the start of the year, Euronext has launched a European Common Prospectus to try to counter a flight of some European initial public offerings to U.S. markets.
($1 = 0.8490 euros)
(Reporting by Mateusz Rabiega and Lefteris Papadimas in Athens)
