The Living Markets

UBS says Euronext may struggle to beat SIX’s offer for BME

Euronext would have difficulty improving on SIX’s all-cash offer for Spain’s BME, says Michael Werner, senior equity analyst at UBS. Not only would the exchange operator risk its investment grade credit rating if it proposed a similar all-cash deal, but it would also have a hard time matching the terms of the SIX offer. “SIX does set quite a high bar both with regard to the price and the considerations they are willing to grant BME,” Werner says.

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