Local media on Tuesday cited “strong interest” by Euronext, Europe’s biggest stock exchange, in the ATHEX Group, with a proposal reportedly submitted.
The same reports have the interest taking on an official standing, in the form of a letter of intent and negotiations conducted without prior publicity. Along the same lines, the negotiations are in a final stage, with Euronext’s top leadership in Athens.
By all accounts, Paris-based Euronext is expected to table a public offer for a controlling stake in Greece’s stock market group.
In later developments, Η Euronext confirmed that it was in negotiations with the board of Hellenic Exchanges – Athens Stock Exchange for the possible acquisition of 100% of the latter’s shares. Euronext has reportedly calculated ATHEX’s value at roughly 400 million euros, or approximately 6.90 euros per share.
Other reports on the day have the Greek government briefed over the development, but keeping a discreet distance. Both Prime Minister Kyriakos Mitsotakis and Finance Minister Kyriakos Pierrakakis have been aware of the interest and negotiations from the beginning.
If the deal is finalized, the “strategic placement” would be considered a vote of confidence for the Greek economy, with the Athens Stock Exchange (ATHEX) joining an international network with a global presence.
Euronext already controls the bourses in France, Italy, Belgium, Ireland, Portugal and Norway.
