Spain Approves SIX’s Offer For BME03.26.2020
SIX Group AG, the Swiss financial markets infrastructure operator, received authorisation from the CNMV for its all-cash voluntary tender offer for Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A. (“BME”), operator of the Spanish stock exchanges and cornerstone of the Spanish capital markets. The acceptance period will be 43 calendar days.
SIX’s intention is to preserve and strengthen BME’s position in Spain by maintaining its brands, current business activities, headquarters and office locations, and by investing in new technologies and growth opportunities. Find out more here: https://t.co/oPGMilar4t pic.twitter.com/zJGEMJkv2g
— SIX (@sixgroup) March 26, 2020
The combination of BME and SIX, both of which are leaders in their domestic financial markets, would create a diversified group with a strong presence across Europe, becoming the 3rd-largest European financial market infrastructure group.
SIX believes that the proposed transaction represents an attractive financial proposition for the current shareholders of BME and encourages them to tender their shares in the voluntary tender offer. SIX’s acceptance period will be 43 calendar days from the day following the publication of the first announcement. During this period, shareholders may tender their shares to receive €33.40 per share, all in cash.
Prior to the authorisation from the CNMV, on 24th March 2020 the Spanish Government authorised the change of control in BME and the other market infrastructures owned and operated by BME which would result from the Offer. At the time of the application for authorisation of the Offer, its effectiveness was also subject to the Offeror obtaining authorisation (or non-opposition) from the CNMC. On 13 February 2020, the CNMC authorised the concentration which results from the Offer.
More firms coming into the scope of the Uncleared Margin Rules.
Average daily turnover in Hong Kong’s securities market decreased by 27%.
Nasdaq and Climate Impact X have launched a strategic technology partnership.
AirCarbon Exchange will use the Eventus Validus platform for trade surveillance.
The partnership marks a major step towards developing a liquid interest rate curve in crypto.