LSE AGREES TO SELL MILAN EXCHANGE
The London Stock Exchange has agreed to sell the Milan stock exchange for around €4.3bn to Euronext, in order to complete its US$27bn acquisition of Refinitiv. The FTSE 100-listed group will sell its entire stake in Borsa Italiana Group to the Franco-Dutch bourse owner for an equity value of €4.33bn, plus an additional amount reflecting cash generation before completion. SOURCE: proactiveinvestors.co.uk

INSURER CHOOSES CYPRUS BASE
Steamship Mutual, one of the most important Protection and Indemnity insurers globally, has chosen Cyprus for the base of its European business, with an office in Limassol officially opened on Tuesday. “We came to Cyprus because we need an office within the EU post Brexit,” Rupert Harris, Chief Executive SSM Europe & Head of Reinsurance, told the Cyprus Mail. SOURCE: Cyprus Mail

BETTER TO CROSS THE POND
The huge pools of capital available in the US have long provided a pull for European drug developers, and for very good reasons. But if a decent biotech company based in, say, London or Copenhagen decides to list locally, will its fortunes be capped? Possibly: the share price performance of biotech IPOs on Euronext is starkly different from those companies that crossed the Atlantic to list, according to Evaluate Vantage’s analysis. SOURCE: www.evaluate.com/vantage

…AND EUROPE LAGS ON AI
Europe can claw its way into the artificial intelligence (AI) race but it has to get tougher and savvier, according to Dragoș Tudorache, the Romanian MEP recently installed as the chair of the European Parliament’s new committee on AI. “It is commonplace to lament our place in the AI race. Clearly, we are behind in investment. By quite a sizeable margin too,” Tudorache said. “But I do believe if we wake up soon enough, we can make up this gap.” SOURCE: sciencebusiness.net

PHOTO: Milan