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Seeing off competing bids from Deutsche Borse (OTCPK:DBORY) and Switzerland’s Six, London Stock Exchange (OTCPK:LNSTY) is in exclusive talks to sell Borsa Italiana to France’s Euronext (OTCPK:EUXTF).

Offloading the Milan stock exchange would help LSE achieve regulatory remedies for its $27B purchase of data provider Refinitiv, which is owned by Blackstone (NYSE:BX) and Thomson Reuters (NYSE:TRI).

The deal is politically sensitive in Rome because of concerns about who could take control of Borsa Italiana’s bond platform, which handles trading of Italy’s government debt.

“The proposed combination of Borsa Italiana and Euronext would create a leading player in continental European capital markets,” Euronext said in a statement.



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