Deutsche Börse, the German stock exchange operator, is unlikely to enter the bidding war for Spanish rival BME, according to UBS analysts, who said they would be “very surprised” if local press reports regarding its involvement turned out to be accurate.

Spanish business daily La Información reported on November 19 that Deutsche Börse was “studying” a bid for Bolsas y Mercados Españoles, following confirmation a day earlier that Swiss exchange group Six will launch a bid and Euronext, which operates the Paris and Amsterdam exchanges, is also in talks with BME’s board.