Italy court rejects CDP bid to block reappointment of Milan bourse CEO, sources say (updated)

London Stock Exchange

04/05/2026 14:41

CDP pushing for more influence within Euronext group

Milan bourse CEO to be reappointed this week

CDP presses ahead with separate legal case in Amsterdam

Adds source and details in paragraphs 6-8

By Giuseppe Fonte and Elvira Pollina

ROME, May 4 (Reuters) - An Italian court rejected a request by state lender Cassa Depositi ​e Prestiti (CDP) to block the reappointment of Fabrizio Testa as ‌chief executive of the Milan Stock Exchange, three sources familiar with the matter said on Monday.

Treasury-controlled CDP holds an 8.1% stake in pan-European exchange operator Euronext ENX.PA, which in turn owns the ​Milan Stock Exchange, also known as Borsa Italiana.

The governance clash is part of CDP's broader attempt to gain greater influence within ​Euronext, a push that aims to ensure the appointment of an Italian executive to lead the Amsterdam-registered group at a later stage.

The court in Milan did not find that the conditions for an urgent intervention, as requested by CDP, had been met, the sources said.

RULING CLEARS WAY FOR TESTA'S REAPPOINTMENT

Following the ruling, a Borsa Italiana shareholders' meeting scheduled for May 5 is expected to give Testa a new three-year mandate, although CDP is pressing ahead with a separate legal proceeding in Amsterdam.

CDP wants Euronext to acknowledge its right to trigger a proper search process aimed at assessing alternative candidates to Testa and board members.

In Amsterdam, CDP will seek a court order forcing Euronext to remove all Borsa Italiana directors to be appointed this week, one of the sources added.

The legal case is expected to take around 12 months to conclude, the source said.

Euronext had planned to reappoint Testa on April 29, but it postponed the decision to May 5 pending the legal proceeding in Milan.

The stock exchange operator's CEO Stephane Boujnah in February praised Testa, who has been at the helm of Borsa Italiana since 2021, for his "unprecedented results".

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, equal to CDP's.

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 Milan bourse staff went on a half-day strike last week, with trade unions protesting against deteriorating working conditions and strained relations with Euronext management.

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 (Reporting by Giuseppe Fonte and Elvira Pollina; Editing by Giulia Segreti and Joe Bavier)

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