Italy eyeing 'golden powers' over Milan bourse due to CDP-Euronext clash (updated)

Euronext NV

18/06/2026 14:36

Adds details, background throughout
ROME, June 18 (Reuters) - Italy is assessing whether to intervene to defend the interests of state lender CDP in its clash with pan-European stock exchange operator Euronext ENX.PA over management of the Milan bourse, Economy Minister Giancarlo Giorgetti said on Thursday.
Giorgetti told parliament the government was assessing whether Euronext had breached commitments agreed with Italy, which could warrant use of the government's so-called "golden powers" to defend Rome's strategic assets. 
Cassa Depositi e Prestiti (CDP), which owns 8.1% of Euronext, took legal steps this year to annul the reappointment of Fabrizio Testa at the helm of the Milan stock exchange, part of the Euronext group.
CDP argued that Euronext's governance agreements gave the Italian shareholder ​the right to trigger a process to assess alternative candidates to Testa, which Euronext refused to implement.
"The question is whether these facts might indicate a deviation from (Euronext's) commitments," Giorgetti said, addressing a Senate committee in Rome.
Politicians from Prime Minister Giorgia Meloni's right-wing coalition have raised concerns that Euronext could favour listings in France or other markets over ​Italian operations.
Euronext, which operates the Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Athens and Paris exchanges, completed its acquisition of Borsa Italiana in 2021 ⁠from ​London Stock Exchange Group LSEG.L.
At that time, Euronext signed off on several conditions agreed with Italian authorities under Italy's golden power rules.
Giorgetti said it was "inconceivable" that CDP could have no say in deciding the head of Borsa Italiana. 
"We are also analysing the reorganization of the (Borsa Italiana) group and some of the developments outlined in the strategic plan," the economy minister said.
One reason Italy sees Borsa Italiana as strategic is its ownership of the MTS platform, where Rome's 2.7 trillion euros of government bonds are traded.

 (Reporting by Giuseppe Fonte, editing by Gavin Jones)
 ((giuseppe.fonte@thomsonreuters.com; +390680307711;))