(Alliance News) - The clash between CDP and Euronext over the control of Borsa Italiana is moving to the courtrooms of Amsterdam. At the heart of the dispute, reported on Wednesday in the pages of Milano Finanza, is not the performance of CEO Fabrizio Testa, whose results are excellent — with revenues rising from EUR466 million to EUR730 million and dividends doubled for CDP — but the power of appointment.
The Cassa claims, based on the 2020 shareholders' agreements, the right to choose the leadership of Piazza Affari, while the holding company led by Stéphane Boujnah intends to confirm the current management independently.
The appeal filed by CDP Equity contests the violation of agreements that guarantee Italy the governance of its own financial infrastructure. For Rome, the automatic reconfirmation of Testa would bypass the standard selection procedures of the Meloni government, which is currently engaged in a broad round of public appointments.
The standoff between Italy and France now risks freezing the renewals scheduled for the April shareholders' meeting, opening a diplomatic and legal crisis over the balance of power within the European exchange giant.
By Michele Cirulli, Alliance News reporter
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