Renewable Energy

Nasdaq withdraws bid for Oslo Bors, handing prize to Euronext

Credit: REUTERS/BRENDAN MCDERMID

Nasdaq withdrew its bid on Monday to takeover Norwegian stock market operator Oslo Bors VPS, leaving pan-European competitor Euronext as the sole bidder.

OSLO, May 27 (Reuters) - Nasdaq NDAQ.O withdrew its bid on Monday to takeover Norwegian stock market operator Oslo Bors VPS OSLO.NFF, leaving pan-European competitor Euronext ENX.PA as the sole bidder.

Euronext secured approval this month from Norway's Ministry of Finance for its purchase of more than 50% of the shares of the Oslo Bors, effectively blocking Nasdaq's bid after a five-month fight.

Both had offered 158 Norwegian crowns per share for Oslo Bors, valuing one of Europe's last independent stock market operators at around 6.8 billion Norwegian crowns ($783 million). But the view of the Norwegian government was crucial.

Norway rejected Nasdaq's argument that no takeover should be allowed unless a two-thirds stake was obtained, a demand that could have blocked Euronext as the U.S. company had secured backing from around 35% of owners.

Nasdaq had won the support of more than a third of Oslo Bors shareholders including the Norwegian market operator's major shareholders DNB DNB.OL and KLP. Nasdaq said on Monday it would release those owners from their obligations.

Both Euronext, which runs exchanges in Paris, Brussels, Amsterdam, Lisbon and Dublin, and Nasdaq are looking to expand their portfolios but opportunities are scarce as market operators either already belong to international groups or their shareholders want to remain independent.

($1 = 8.6855 Norwegian crowns)

(Reporting by Terje Solsvik Editing by Edmund Blair)

((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters Messaging: terje.solsvik.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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