Italy's stock market regulator Consob on Friday gave its green light to Milan stock market operator Borsa Italiana to modify its statutes in view of its merger with the London Stock Exchange (LSE).
Borsa shareholders voted August 8 in favor of accepting the takeover offer from LSE. The same day LSE shareholders gave their nod to the 1.6-billion-euro offer for Borsa.
The merger IS now expected to be completed by the end of September or and beginning of October.
The LSE and Borsa had until now resisted offers to merge or be taken over by other exchanges.
The operation shifted into high gear after it was approved by LSE's leading stockholder, New York's electronic operator Nasdaq.
There had been speculation that Nasdaq would oppose the operation because this would have watered down its 31% stake in LSE to 22% of the new company created by the British-Italian merger.
This would have then complicated Nasdaq's own takeover designs on LSE, some observers said.
Nasdaq became LSE's biggest shareholder after a failed takeover bid.
HoweVer, in an unexpected announcement this week, Nasdaq said it intend to sell its stake in LSE. The question market operators are asking now is who will buy The stake.
