Shareholders in Montetitoli, the Italian Central Securities Depository (CSD), have accepted a €250m ($252m) bid from Borsa Italiana, and most have chosen to be paid in shares in Italy's stock exchange rather than cash.

The move was a surprise to many observers, who had not realised the exchange had launched its bid. It had revealed its intention to make an offer for Montetitoli, in which it already owned a 4.1% stake, in June, but had not then told the market that the bid had been launched.