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