Euronext CEO Stéphane Boujnah has indicated that Euronext is open to partnering with Deutsche Börse, acknowledging that the two exchanges could offer each other significant benefits. However, he emphasized that a full merger is not being considered at this time, stating, "Deutsche Börse wants to remain independent, and at the same time Euronext is not for sale." This stance comes amidst ongoing discussions about consolidating European market infrastructure to create a "super market" exchange.
Boujnah's comments were made in an interview with "Frankfurter Allgemeine Sonntagszeitung," where he also noted that past merger discussions between Euronext and Deutsche Börse had not led to any concrete outcomes. He highlighted the need for greater collaboration across all sectors to foster joint projects, rather than waiting for directives from political leaders. This perspective underscores a desire for industry-driven initiatives to shape Europe's financial future.
Despite the openness to partnerships, a near-term merger between Euronext and Deutsche Börse faces several hurdles. Previous attempts at a tie-up have not materialized. Concerns from Italian stakeholders, such as CDP and Intesa Sanpaolo, about potential dilution of their influence within Euronext following its acquisition of Borsa Italiana, further complicate any large-scale consolidation efforts. While a merger is seen as strategically sensible to create a stronger European market counterweight to exchanges like the NYSE and Nasdaq, issues of governance, national control, and stakeholder influence remain significant obstacles.
