CEO Stéphane Boujnah stated in May 2026 that a merger between Euronext and Deutsche Börse is strategically logical, despite three previous failed attempts. He clarified that a new deal is not currently planned, as integration would take years due to the complexity of infrastructure like Clearstream and Eurex.
Euronext manages exchanges in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Paris, and Athens with a combined market capitalization of €6.8 trillion. Since 2015, the company has expanded through acquisitions, including Borsa Italiana in 2021 and the Athens Stock Exchange.
Shareholder structure presents a major hurdle for a merger. State-backed institutions Cassa Depositi e Prestiti and Caisse des Dépôts each hold 8.1% of Euronext, while Intesa Sanpaolo holds 1.55%. A share-based deal would dilute these stakes, creating resistance from government-linked investors.
The company faces political pressure regarding its management of Borsa Italiana, with the Italian government questioning the strategic priority given to the Milan exchange. Euronext continues to focus on smaller acquisitions and potential limited collaborations with Deutsche Börse rather than a full merger.
