Merger talks between Euronext and Borsa Italiana aimed at creating a super bourse have reportedly stalled over how board seats would be divided between the two European exchanges.

André Baladi, a member of Euronext's advisory board, told Bloomberg: "What kind of representation can [the Italian exchange] have on the board? This is what they are asking. It's up to them to take the initiative. Borsa Italiana needs Euronext more then Euronext needs Borsa Italiana."