Nasdaq withdraws bid for Oslo Bors, handing prize to Euronext


FILE PHOTO: A girl walks previous the Oslo Stock Exchange constructing in Oslo, Norway February 12, 2019. REUTERS/Gwladys Fouche – RC1340E8A7B0/File Photo

OSLO (Reuters) – Nasdaq withdrew its bid on Monday to takeover Norwegian inventory market operator Oslo Bors VPS, leaving pan-European competitor Euronext as the only bidder.

Euronext secured approval this month from Norway’s Ministry of Finance for its buy of greater than 50% of the shares of the Oslo Bors, successfully blocking Nasdaq’s bid after a five-month combat.

Both had provided 158 Norwegian crowns per share for Oslo Bors, valuing one in every of Europe’s final unbiased inventory market operators at round 6.eight billion Norwegian crowns ($783 million). But the view of the Norwegian authorities was essential.

Norway rejected Nasdaq’s argument that no takeover ought to be allowed until a two-thirds stake was obtained, a requirement that would have blocked Euronext because the U.S. firm had secured backing from round 35% of householders.

Nasdaq had gained the help of greater than a 3rd of Oslo Bors shareholders together with the Norwegian market operator’s main shareholders DNB and KLP. Nasdaq stated on Monday it might launch these homeowners from their obligations.

Both Euronext, which runs exchanges in Paris, Brussels, Amsterdam, Lisbon and Dublin, and Nasdaq are trying to increase their portfolios however alternatives are scarce as market operators both already belong to worldwide teams or their shareholders need to stay unbiased.

($1 = eight.6855 Norwegian crowns)

Reporting by Terje Solsvik; Editing by Edmund Blair

Our Standards:The Thomson Reuters Trust Principles.



Source link reuters.com

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