Euronext won approval from Norway’s Ministry of Finance to buy up to 100% of Oslo Bors, effectively ending a five-month battle with Nasdaq for one of the last independent stock market operators in Europe.
While Euronext has already secured a stake of more than 50% in Oslo Bors, 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 for Oslo Bors, valuing it at around 6.8 billion Norwegian crowns ($779 million), but the view of the Norwegian government was crucial.
“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.
