The Euronext stock exchange group, made up of bourses in Amsterdam, Brussels, Paris and Lisbon, is too small for big Dutch companies, former chairman Cees Vermaas told the Financieele Dagblad.

Vermaas, who left Euronext last summer, says in the interview new mergers with other stock exchanges are inevitable and that ‘consolidation is undoubtably back on the agenda’.

In particular, multinationals like Shell, Philips and Unilever need a bigger exchange where they will be more visible to foreign investors and analysts and are surrounded by companies of equal stature, he said.

‘I have nothing against the French stock exchange but it is not enough for big Dutch firms. Every month or so I am phoned by board chairman who ask me what I think about the Dutch discount,’ he said.

The Dutch discount concept dates back to the 1990s and refers to the fact that Dutch shares are often cheaper than comparable foreign shares.