Italy's CDP lodges legal cases to block Milan bourse CEO reappointment, sources say

London Stock Exchange

27/04/2026 16:24

Italian bourse is part of pan-European operator Euronext

Italy's state lender aims to block new term for bourse CEO Testa

Borsa Italiana staff go on strike this week

Unions complain Italy sidelined in key Euronext decisions

By Giuseppe Fonte and Giancarlo Navach

ROME, April 27 (Reuters) - Italy's state lender and equity investor CDP has lodged two legal cases in Dutch and Italian courts to block the reappointment of Fabrizio Testa as ‌chief executive of the Milan Stock Exchange, people familiar with the matter said.

The twin move, which follows a first ruling by an Amsterdam court against CDP in its attempt to block Testa, marks an escalation in a governance spat affecting the Milan bourse, part of pan-European exchange operator Euronext ENX.PA.

While the Rome‑based state lender seeks to prevent the April 29 Borsa Italiana shareholders' meeting from granting Testa a further three‑year term, Italian trade unions have called a four‑hour strike at Borsa Italiana the following day.

The strike is not explicitly against Testa. Workers are protesting against deteriorating working conditions and strained relations with Euronext management, unions told Reuters.

CDP, which holds an 8.1% stake in Euronext, is pushing for the European group to consider alternative candidates to Testa,  and conduct a proper process to find them.

After a Dutch court this month rejected a request by CDP to freeze Testa's re-appointment, the lender has now lodged an appeal against that ruling in Amsterdam, where Euronext has its registered office, and has opened a separate legal case in Milan with the same aim, the sources said.

Euronext declined to comment. Its CEO Stephane Boujnah said ‌in ⁠February that Testa was on course to secure a new term, praising him for his "unprecedented results."

Testa has been at the helm of Borsa Italiana since 2021.

CDP is seeking to gain greater influence within Euronext to pave the way for the appointment of an Italian executive to lead the group at a later stage, the sources said.

The legal battle comes amid concerns in Italian government circles that Euronext could scale back its Italian operations and favour listings in France or other markets.

Italian trade unions say key decisions are taken at Euronext's headquarters in Paris with little or no involvement from Italian staff.

Euronext - which operates the Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Athens and Paris exchanges - completed its acquisition of Borsa Italiana in 2021 from the London Stock Exchange Group LSEG.L.

The 4.3-billion-euro ($5.05 billion) deal made Italy one of Euronext's biggest trading venues and a key revenue driver.

Italy's largest bank Intesa Sanpaolo ISP.MI owns a 1.55% stake in Euronext, while France's Caisse des Depots holds an 8.1% stake, the same as CDP.

($1 = 0.8518 euros)

 (Editing by Gavin Jones)

 ((giuseppe.fonte@thomsonreuters.com; +390680307711;))