Euronext has moved to counter criticism of its offer to acquire the Athens Stock Exchange (ATHEX), publishing a detailed statement pushing back against what it calls “ten myths” surrounding the deal. The exchange operator insists the transaction would reinforce, not weaken, Greece’s market infrastructure and argues that the benefits would be felt across the country’s financial ecosystem — from brokers and listed companies to employees and investors.
According to Euronext, smaller Greek brokerages are not at risk of being squeezed out. Instead, they would gain access to broader liquidity, a larger investor base and state-of-the-art European trading infrastructure. ATHEX, the company emphasises, would remain a Greek entity headquartered and taxed in Athens, with the Greek market continuing to be run in close cooperation with local stakeholders.
The group also dismissed concerns over higher trading fees. It argues that ATHEX currently operates in a small market with comparatively high transaction costs, and that integration into Euronext’s pan-European platform — which pools liquidity across multiple exchanges — would lower costs and improve competitiveness. Euronext points to similar outcomes in Oslo and Milan, where trading activity and listings increased after those exchanges joined the group.
Addressing fears that Greek listed firms, especially smaller ones, would struggle in a larger European marketplace, Euronext maintains that they would in fact gain visibility, liquidity and improved access to capital. Many Greek companies, it notes, currently consider delisting or seeking dual listings abroad; the integration, it claims, would allow them to remain in Athens while benefiting from exposure to international investors. The group highlights its focus on small and mid-cap firms — roughly 1,400 are listed across its markets — and cites growth programmes, such as IPOready, that would be available to Greek SMEs.
Euronext also disputes suggestions that listings fall after acquisitions, citing strong increases in both Oslo and Milan since those markets joined the group. It insists ATHEX will not lose status but instead become a strategic hub for Southeastern Europe. Greek executives and regulators, it says, would be represented at the highest levels of Euronext governance.
On employment, the company pledges to retain staff and invest in local talent, including through the creation of a new technology and support centre in Athens. The offer, it adds, has the unanimous backing of the ATHEX board, which judged the valuation “fair and reasonable.” Euronext argues that remaining independent would require ATHEX to make substantial investments in technology and cybersecurity, potentially reducing dividends and profitability.
Responding to political speculation, Euronext says it has followed normal notification procedures with Greek authorities and declines to comment on government decisions. It also rejects claims that recent legal changes were tailored to facilitate the deal, stating only that the adjustments aligned Greek law with EU standards.
Finally, the company pushes back against the notion that it is a French takeover, underscoring that it is a pan-European exchange group with more than three-quarters of revenue generated outside France.
