Euronext says any assumption on new Borsa Italiana plan “speculative”

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MILAN, Aug 11 (Reuters)Pan-European stock exchange Euronext ENX.PA on Wednesday dismissed as “speculation” reports in the Italian press about job cuts and top management changes at the recently acquired Milan bourse under a new business plan due in the autumn.

Euronext in April completed its acquisition of the Milan stock exchange in a 4.4 billion euro ($5.2 billion) deal that turns Italy into the main trading venue for the group.

Euronext, which last month reported 329 million euros in second-quarter revenue, up 56{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} year-on-year thanks to a 90 million euro contribution from Borsa, is due to present a new strategic plan in November.

“We are working with Borsa Italiana colleagues on the business plan,” Euronext said in a note.

“Any assumption on its contents is pure speculation.”

Italian daily MF reported on Wednesday that the plan under study envisages Borsa cutting its cost base by at least a fifth with a 200 staff reduction. Current Borsa CEO Raffaele Jerusalmi is set to be replaced, the Italian press has reported.

($1 = 0.8536 euros)

(Reporting by Valentina Za; editing by Agnieszka Flak)

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