Italy minister calls in unions over Milan stock exchange strike

Reuters

18 June 2024 at 11:23 am·1-min read

FILE PHOTO: A view shows the Milan stock exchange building in downtown Milan

ROME (Reuters) - Italy's industry ministry has summoned trade unions to discuss what would be the first ever strike at the Milan stock exchange but talks will take place only after the planned stoppage.

The union action is scheduled for June 27. Unions said they called it out of fear of job cuts and what they said were divestment plans from Italy by bourse owner Euronext.

The ministry said it would meet the unions the week after the planned strike, on July 3, at the request of Industry Minister Adolfo Urso. It plans a separate meeting with Milan bourse representatives the following week.

Trade unions Fabi, First Cisl and Fisac Cgil scheduled their strike for the final two working hours of June 27, followed by other forms of worker protests on subsequent days.

Euronext - which runs stock markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - completed its acquisition of the Italian stock exchange in April 2021.

The 4.3 billion euro ($4.6 billion) deal has turned Italy into a key revenue engine for the group.

The takeover of Borsa Italiana, previously part of London Stock Exchange Group, has been a sensitive political matter in Italy, mostly due to its ownership of the MTS platform where Rome's 2.4 trillion euro government bonds are traded.

(Reporting by Alvise Armellini; Editing by Keith Weir)

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