Deutsche Börse this morning emerged as a bidder for two more European stock exchanges: Spain's Bolsas y Mercados Españoles revealed it had received a takeover approach last month; sources close to Italy's Borsa Italiana confirmed the German exchange made a formal offer this week.

The Spanish stock exchange revealed the approach in the prospectus for its €2.8bn ($3.5bn) flotation, which was this morning approved by market regulator CNMV. It said it would make no decision on a deal until after it floats. It added that it had not received any proposals from other exchanges.