Borsa Italiana in Monte Titoli takeover
19 July 2002 | 3373 views | 0
Borsa Italiana is to acquire 94 per cent of the share capital of Italy's central depository Monte Titoli.
The Italian exchange currently owns a 4.1 per cent stake in Monte Titoli.
Under the new deal, over half of Monte Titoli's shares are expected to be exchanged for new Borsa Italiana stock. The remainder will be exchanged for cash.
The transaction is valued by market players at an estimated $252.4 million.
MTS Italy, the only major stakeholder to decline the Borsa's approach, has instead sold its one per cent stake in Monte Titoli to international depository Euroclear.