Why Deutsche Borsa would drown Borsa Italiana
All the reasons against Deutsche Borsa's offer to buy Borsa Italiana from the Les group to the detriment of the Euronext-Cdp-Intesa Sanpaolo consortium
Deutsche Börse is "bulky". Word of the banker Marco Mazzucchelli, one of the founders of Mts, who, moreover, in the three-way race for the Italian Stock Exchange ( here the in-depth analysis of Start Magazine ), appreciates the Swiss offer: «Euronext is not the right solution. The Swiss stock exchange has a more federative and collegial mentality than the French, and is not as bulky as Deutsche Börse, which has volumes 10 times Piazza Affari. He is not part of the euro area, but thanks to the acquisition of Madrid he has a European passport in his pocket ».
Regarding today's article by @ andreagreco71 on @Repubblica , I deny that I am part of any consortium. I simply give my independent technical opinion, as usual. pic.twitter.com/dUHQm0Mnlb
– Marco Mazzucchelli (@MMazzucchell) September 12, 2020
Mazzucchelli is not the only banker rowing against the Italian consortium, as evidenced by a chronicle of the Confindustria newspaper: among the advisors of the German group there is also the former president of CDP and in the past at the top of Goldman Sachs, Claudio Costamagna.
Deutsche Börse has assured – wrote Il Sole 24 Ore – “that, should it win the Italian Stock Exchange, it would leave it managerial and operational autonomy. In confirming that it had submitted an offer, Deutsche Börse – which has the former Cdp president Claudio Costamagna as its advisor – underlined that it can offer "a high contribution to the future growth and development of an autonomous Italian stock exchange, which will thus be able to strengthen its crucial role in supporting the Italian economic system and for European capital markets »”.
Between the Treasury and Italian banks, the assurances of the Germans are not convincing, given the characteristics of the Deutsche Borsa group, which has an identity entirely focused on Germany, from the CEO to the president passing through the operational headquarters.
On the other hand, the German group is listed only in Germany. The result would be that Borsa Italiana would be completely diluted in DB : "Borsa Italiana would represent about 10% of the combined group (less than what happens today within the Lse group) and will be a subsidiary with no influence on the group", he fears a consultant who supports the Italian-French consortium.
Not only that, points out a financier who knows the structure of the German stock exchange group: the organization of the group is concentrated in Germany since the executive committee is made up of 6 members of which 5 are German and on the Supervisory Board there are 13 Germans out of 16. overall it is made up of 16 members of which 13 are German.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-deutsche-borse-affogherebbe-borsa-italiana/ on Sat, 12 Sep 2020 09:44:37 +0000.