May 21, 2019
Scandinavia

Norway clears way for Euronext takeover of Oslo Stock Exchange

Norway's government on Monday cleared the way for European operator Euronext to take over the Oslo Stock Exchange by giving the green light to both it and its US rival Nasdaq.

Euronext, which has been in a protracted battle with Nasdaq for the stock exchange since the start of the year, quickly welcomed the move, announcing it will acquire 100 percent of the bourse by the end of June.

The European operator, which runs the Paris, Amsterdam, Brussels, Dublin and Lisbon markets, has an advantage in the bidding war, having already secured the support of 53.4 percent of the Oslo exchange's shareholders.

"Euronext welcomes the ministry's clearance to acquire up to 100 percent of Oslo Bors VPS's capital and looks forward to completing the next steps to close the transaction by the end of June 2019," Euronext CEO Stephane Boujnah said in a statement.

"As part of the Euronext family, Oslo Bors VPS will continue to be a strong and leading Nordic exchange and CSD, and a hub for Euronext's ambitions in the region."

Meanwhile the bid by Nasdaq, which controls all of the other stock exchanges in the Nordic and Baltic region, has the support of the bourse's board and management, as well as 35 percent of shareholders, including the two biggest, Norwegian bank DNB and pension fund KLP.

Norway's finance ministry, which haRead More – Source

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