Paris, Amsterdam, Brussels, Dublin, Lisbon soon Oslo. Euronext announced this morning that it has obtained the support of the Norwegian Finance Ministry to acquire Oslo Bors. Euronext, which has already secured shareholder support representing 53.4% of the capital of Oslo Bors, still needs to get the go-ahead from the general meeting of its shareholders, the final step in this process. Euronext’s board of directors is due to meet on Thursday.
Nasdaq, who said a month ago hold or have commitments on more than 37% of the capital of Oslo Bors, had considered that there could be no green light granted to an operation as a candidate the repurchase did not obtain two-thirds of the capital.
The Norwegian Finance Minister has brushed aside this argument, saying that no such restriction would be imposed on this file. The Nasdaq expressed its “disappointment”. “If the Ministry of Finance has confirmed that the Nasdaq is a capable and competent owner for Oslo Børs VPS (…), the decision not to require that a two-thirds majority of the shares be obtained by anyone wishing to gain control Børs VPS is disappointing, “said Nasdaq Nordic division chief Lauri Rosendahl in a statement.
Euronext reaffirmed this morning its intention to complete the acquisition of the Norwegian exchange operator by the end of next June. Euronext and Nasdaq, the US Stock Exchange for technological securities, already well established in the Nordic countries have struggled since January to get their hands on Oslo Bors, one of the last independent stock markets in northern Europe. The transaction values the Oslo Stock Exchange at around 700 million euros. Once integrated the Oslo Stock Exchange will inflate the earnings of the Euronext group by about 15%.