Greece Advocates for Cross-Border M&A to Boost European Competitiveness

Greece is actively advocating for increased cross-border mergers and acquisitions (M&A) within Europe, aiming to bolster the continent's competitiveness and economic integration. Finance Minister Kyriakos Pierrakakis emphasized this strategy during the International Monetary Fund and World Bank annual meetings in Washington, D.C., on October 17, 2025.

"Throughout Europe, we need more cross-border M&A to achieve the scale necessary in order to compete internationally," Pierrakakis stated. He highlighted infrastructure as a pivotal sector for such activities and expressed Greece's ambition to play a central role in these initiatives. Pierrakakis also voiced strong support for Euronext's bid to acquire the Hellenic Exchanges – Athens Stock Exchange (ATHEX), believing it would provide access to a broader liquidity pool and benefit the Greek economy. He cautioned that failing to pursue cross-border M&A could result in significant opportunity costs for Europe.

Euronext, a pan-European stock exchange operator, is in negotiations to acquire up to 100% of ATHEX in a €399 million all-share deal. The proposed transaction involves offering one Euronext share for every 21 ATHEX shares, valuing the Greek exchange at €6.90 per share—above its current trading price of €6.03. The Greek Finance Ministry has endorsed the potential acquisition, viewing it as a strong vote of confidence in the Greek economy. This move aligns with Euronext's broader strategy to consolidate European capital markets and address the competitiveness gap with U.S. markets.

This stance aligns with earlier statements from Greek Prime Minister Kyriakos Mitsotakis, who, in September 2025, expressed support for cross-border banking consolidation in Europe. He welcomed Italy's UniCredit SpA's investment in Alpha Bank SA, viewing it as a positive step toward creating scale within the European banking union.

Additionally, Bank of Greece Governor Yiannis Stournaras has advocated for more cross-border banking mergers and acquisitions, positioning Greece as a model for welcoming foreign investment into its financial sector.

Greece's 2026 draft budget projects stronger economic growth, supported by high investment and consumer spending, much of it funded by the European Recovery Fund, which ends in 2026. Pierrakakis believes the fund's projects will yield long-term productivity gains, and that increasing private investment will be vital for sustaining momentum.

These developments reflect Greece's proactive approach to fostering economic growth and integration within the European Union through strategic cross-border collaborations.