A Borsa Italiana spokesman refused to comment on a report in The Wall Street Journal that the Milan-based exchange was also considering a rival offer from NYSE Euronext, the owner of the New York Stock Exchange and several European exchanges, saying that the only offer on the table was from London.
Euronext Paris spokeswoman Antoinette Darpy also would not comment Friday.Details of any bid have not been released, but Citigroup analysts said Borsa Italiana could cost 1.7 billion euros ($2.3 billion) or more.
Analysts said the move by the LSE appeared aimed at fending off another takeover attempt by the Nasdaq Stock Market Inc. The London exchange has rebuffed five takeover attempts in two years, including a 2.7 billion pound ($5.3 billion) bid from Nasdaq, which remains its largest shareholder.
Stock markets across the globe have been the subject of merger discussions following pressure to cut costs and reduce transaction lags.
The Borsa Italiana has been examining a variety of options over the last year, and was a catalyst behind a move to create a federal model of European stock markets that was scuttled by the NYSE's acquisition of European exchange operator Euronext.
The LSE is considered the jewel of European exchanges, with more than 3,000 companies traded. The Borsa Italiana, with around 322, is fourth in Europe for trading volume.
Board members for the Borsa Italiana made favorable comments about the offer on their way into a meeting on Thursday, but indicated they expected action would come toward the end of the year.
LSE shares rose 1 percent to 1,366 pence ($27.21) on Friday. The Borsa Italiana is not publicly traded.
(This version CORRECTS SUBS 2-3 graph to correct that Darpy a spokeswoman for Euronext Paris, not spokesman for Borsa Italiana.)
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