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May 26, 2020

Attempted merger of Vienna and Warsaw Exchanges fails

by    Costin Buradu
Presented for almost two years as the most important move on Europe’s stock exchange market, the merger of the Vienna Stock Exchange (Wiener Börse- WB) and the Warsaw Stock Exchange (Gielda Papierów Wartosciowych – GPW) ended up in a big and decisive ‘NO’. Warsaw’s ambitions to become Central and Eastern Europe’s stock exchange centre end right here. GPW Chairman expressed his regret for the failure and said he had come to the conclusion that an organic growth would be better than an alliance or a merger. It seems that Wiener Börse’s essential objection was the fact that the main shareholder of the Warsaw Exchange is the state, which would have made decision-making difficult and most likely subject to political influence in the been of a merger. Wiener Börse AG is the founder of the Central and Eastern Europe Stock Exchange Group – CEESEG, having gradually acquired majority stocks in the Budapest, Ljubljana and Prague Exchanges.

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