PARIS/OSLO - 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.
“Euronext welcomes the ministry’s clearance to acquire up to 100% of Oslo Bors VPS’s capital and looks forward to completing the next steps to close the transaction by the end of June,” its Chief Executive Stephane Boujnah said on Monday. Oslo Bors was one of the last potential target for Euronext in the region where Nasdaq and London Stock Exchange already control several platforms.
He expects them to tender their shares to Euronext now since the offer filed by Nasdaq is unlikely to proceed. “I don’t think Nasdaq intends to be an minority shareholder in Oslo Bors,” Boujnah said.
Norway has blessed Euronext's $800 mln takeover bid for Oslo Bors. This is a defeat for rival Nasdaq. Comforting to see the rule of law affirmed in Norway. But the winning prize is not cheap. Resending my view on the saga Breakingviews
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