Swiss group SIX launches bid for Spain's stock market operator BME
Consolidation among the world's main stockmarket operators heated up further at the start of the week as Swiss-based SIX Group launched a "friendly" bid for Spain's BME, even as the Madrid-based firm confirmed that it was in talks with pan-European exchange group .Euronext about a possible tie-up.
At €34.0 per share, the offer from Six included a 34.0% premium over the closing share price of BME reached during the previous session of €25.40.
Reacting to the news, Spain's stockmarket regulator, the CNMV, halted trading in the company's shares, which as of 0834 GMT were jumping by 37.56% to €34.94, as traders appeared to be pricing in the possibility of a counter-offer from Euronext.
While BME had long been considered a potential takeover target, rumours had begun swirling around the Spanish group again right ahead of the 10 November general elections in Spain.
And at 0821 GMT, BME confirmed to markets that it was holding preliminary talks with Euronext regarding a possible combination.
That was followed at 0840 GMT by another regulatory statement announcing the news of Six's bid.