Six Group and Euronext could go head-to-head in a battle for control of Spain’s national stock exchange, Bolsas y Mercados Españoles.

The Swiss exchange group Six said on November 18 it intends to make an all-cash offer of €34 per share for BME in a bid to become the third-largest financial market infrastructure group in Europe. The offer values BME at around €2.8bn, which the Spanish exchange said “may reasonably reflect” its current value.