Norway clears way for Euronext to win Oslo Bors in Nasdaq bid battle

Credit: Reuters Studio
Published on May 13, 2019 - Duration: 00:55s

Norway clears way for Euronext to win Oslo Bors in Nasdaq bid battle

Euronext won approval from Norway's Ministry of Finance to buy up to 100% of Oslo Bors on Monday, effectively ending a five-month battle with Nasdaq for one of the last independent stock market operators in Europe.

Ciara Lee reports

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Norway clears way for Euronext to win Oslo Bors in Nasdaq bid battle

A five-month battle with Nasdaq for one of the last independent stock market operators in Europe now looks set to draw to a close.

Euronext has won approval from Norway's Ministry of Finance to buy up to 100% of Oslo Bors.

They have previously secured a stake of more than half.

Its competition - Nasdaq - had argued that no takeover should be allowed unless a two-thirds stake was obtained in order to ensure that a buyer would have complete control.

Both had offered 158 Norwegian crowns per share, valuing it at around 6.8 billion crowns or $779 million.

But the view of the Norwegian government was crucial.

Both Euronext, which runs exchanges in Paris, Brussels, Amsterdam, Lisbon, and Dublin.

And Nasdaq are looking to expand their portfolios.

Shares in Paris-based Euronext, which is due to release first quarter results this week, traded 1.6% higher on Monday.

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