Euronext said Monday that it has made a bid to buy the Milan stock exchange.
"Euronext confirms the submission of a non-binding offer to London Stock Exchange Group plc to acquire Borsa Italiana.," read a statement "The partnership includes CDP Equity and Intesa Sanpaolo.
"There can be no certainty that this will lead to a transaction.
"The proposed combination of Borsa Italiana and Euronext would create a leading player in continental European capital markets, where Italy would be the largest revenue contributor to the enlarged Euronext group.
"This transformational project would effectively position the newly formed group to deliver the ambition of further building the backbone of the Capital Markets Union in Europe, while at the same time supporting local economies".
Euronext operates markets in Amsterdam, Brussels, London, Lisbon, Dublin, Oslo and Paris.
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