Euronext in talks to buy Athens Stock Exchange for $470 million
Euronext said on Tuesday it planned to offer one new share for every 21 shares held by investors in the Athens Stock Exchange (ATHEX) (EXCr.AT), opens new tab, valuing ATHEX stock at 6.90 euros a piece.
ATHEX shares closed on Tuesday at 6.03 euros.
The Greek Finance Ministry welcomed the offer and said in a statement it views a possible agreement "very positively".
"A possible acquisition of the Athens Stock Exchange by Euronext constitutes a practical vote of confidence in the stability and positive course of the Greek economy," it added.
A combination with the Greek company would align with Euronext's ambition to consolidate European capital markets as it sees fragmentation as one of the reasons behind a competitiveness gap with U.S. markets.
Since the start of the year, Euronext has launched a European Common Prospectus to try to counter a flight of some European initial public offerings to U.S. markets.
($1 = 0.8490 euros)
(This story has been corrected to clarify that there is no partnership between Deutsche Boerse and Euronext aimed at countering the migration of some European initial public offerings to U.S. markets, in paragraph 7)
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