The Swiss stock exchange operator SIX wrapped its $3 billion takeover of rival BME.
SIX won more than 93 percent of Madrid's Bolsas y Mercados or BME, it said in a statement on Thursday. The move comes seven months after launching an all-cash offer in a bid to build the third-largest trading venue in Europe, after Euronext and the London Stock Exchange.
«The combination of BME and SIX will provide us with the strength and scale to address the challenges presented by current circumstances and to serve our market participants more effectively in the years to come,» Jos Dijsselhof, CEO of SIX, said. It is now the tenth largest financial market infrastructure provider in the world, by revenue.
Counteroffer Fizzles
SIX snapped up BME at 32.98 euros per share. On Thursday, BME, whose stock climbed by more than one-quarter since the offer was launched in November, traded at 32.62 euros. The Swiss firm leaned heavily on cozy ties with Madrid as well as promises of independence following the acquisition to seal the deal.
Advised by Credit Suisse, Alantra, and Santander, SIX faced down the threat of a counteroffer from Euronext, which had also been chatting to BME. The pan-European giant, which has been bolting on smaller European exchanges including Oslo and Dublin part of its plan, said in March it wouldn't pursue the Spanish deal.
