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LSE picks Euronext Borsa Italiana bid for exclusive talks

Credit: REUTERS/NEIL HALL

London Stock Exchange said on Friday it had entered into exclusive talks to sell Borsa Italian to France's Euronext after reviewing a group of competing bids for the Milan stock exchange.

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Sept 18 (Reuters) - London Stock Exchange LSE.L said on Friday it had entered into exclusive talks to sell Borsa Italian to France's Euronext ENX.PA after reviewing a group of competing bids for the Milan stock exchange.

LSE said it would consider selling the exchange at the end of July as part of regulatory remedies needed to clear its $27 billion purchase of Refinitiv.

Data provider Refinitiv is 45% owned by Thomson Reuters TRI.TOTRI.N, the parent company of Reuters News.

Euronext's bid also involves Italy's Cassa Depositi e Prestiti and Intesa Sanpaolo ISP.MI who will become shareholders in the French exchange operator if the bid succeeds by subscribing to a proposed capital increase.

"The proposed combination of Borsa Italiana and Euronext would create a leading player in continental European capital markets," Euronext said in a separate statement.

The Italian exchange had also attracted bids from Switzerland's Six and Germany's Deutsche Boerse DB1Gn.DE, with sources saying that Six had submitted the highest bid of the three.

Six and Deutsche Boerse did not immediately respond to requests for comment.

(Reporting by Muvija M in Bengaluru, Rachel Armstrong in London, Mike Shields in Switzerland and Tom Sims in Franfurt; editing by Patrick Graham and Jason Neely)

((muvija.m@tr.com; within UK: +44 20 7542 1810, outside UK: +91 80 6182 2698; Mobile: +91 90 4702 2289;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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