Euronext is valued at up to 3.1bn euros

Euronext was valued at between 2.8bn and 3.1bn euros (£1.87bn) yesterday after the price range was set for the initial public offer of the world's fifth-largest stock exchange.

The exchange said it wanted to use its planned flotation next month to take part in future mergers among European bourses. "We are the natural consolidator in the consolidation game that is just starting in Europe," Jean-François Theodore, Euronext's chairman, said yesterday.

Euronext, formed last year from the merger of the Paris, Amsterdam and Brussels stock exchanges, set an IPO price range of 24 euros to 27.5 euros per share. The sale of as much as 30 per cent of Euronext will raise up to 1.03bn euros, of which 654m euros would go to the exchange as a capital increase and the remainder to existing shareholders.

Besides cash, a flotation provides a paper currency that Euronext can use to finance acquisitions and help carry out an agreed deal with the Lisbon and Oporto Stock Exchange, which agreed to join the exchange last week. Euronext is also "following closely" the Warsaw bourse, which already uses its trading platform, Mr Theodore said.

Shares will start trading on the Paris bourse on 6 July. Euronext had aimed to float in May, but had to bide its time due to poor market conditions.