Italian stock exchange appoints Chiomenti for Euronext merger

Italian stock exchange Borsa Italiana has appointed Chiomenti Studio Legale as its sole legal advisor for talks with Euronext bosses about a possible merger.

Borsa Italiana Chairman Angelo Tantazzi and CEO Massimo Capuano had their first meeting with Euronext CEO Jean-François Théodore and board member Olivier Lefebvre today (6 June).

A Chiomenti partner, thought to be M&A specialist Edoardo Andreoli, sat with Tantazzi and Capuano in the meeting.

The Borsa Italiana board approved the meeting with Euronext two weeks ago at a strategy session.

A spokesperson for Borsa Italiana said the exchange is keen to merge: “What I can tell you is that there was a presentation on a possible IPO at the last board meeting and also possible scenarios of alliances with Euronext and Deutsche Borse.”

“An alliance would add value to Borsa Italiana,” he added.

The spokesperson said Chiomenti is advising Borsa Italiana on its potential IPO.

McKinsey is consulting Borsa Italiana on industrial matters and Rotshchild and Mediobanca on finance.

On 1 June, Paris-based Euronext merged with the New York Stock Exchange to create a global securities market place worth around $20bn. Euronext used a legal team comprising of Bredin Prat, Cleary Gottlieb Steen & Hamilton and Stibbe.