Nasdaq concedes to Euronext in battle for Oslo Bors
Following a five-month tussle for the Norwegian stock market operator Oslo Bors, Nasdaq has withdrawn its offer, Jane Connolly writes.
Reuters reports that this leaves the way clear for rival Euronext, which recently secured approval from Norway’s Ministry of Finance to buy more than 50% of Oslo Bors for NOK 158 ($18.39) per share, effectively blocking Nasdaq’s bid.
Euronext and Nasdaq had both valued the independent stock market operator at around NOK 6.8 billion ($783 million).
As the existing owner of the stock markets of Sweden, Denmark, Finland, Iceland, Estonia, Latvia and Lithuania, Nasdaq had hoped to take complete control of the Nordic-Baltic region.
Reuters reports that the acquisition of Oslo Bors will enable Euronext to diversify from shares and derivatives trading.
Nasdaq has reportedly said it will release supporters DNB and KLP, who are major Oslo Bors investors, from their obligations.
