European stock exchange operator Euronext has won an approval from The Royal Norwegian Ministry of Finance to acquire 100 percent of Oslo Stock Exchange (Oslo Bors). The approval cleared Euronext’s five-month battle with Nasdaq to acquire one of Europe’s independent stock operators, Reuters reports.
Both operators had offered 158 Norwegian crowns per share for Oslo Bors, with an estimation of $779 million. Euronext Chief Executive Stephane Boujnah, said, “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.”
“We are extremely satisfied the process is carried out in full respect of Norwegian law,” Boujnah told Reuters.
Even though Euronext had already secured a stake of more than 50 percent in Oslo Bors, Nasdaq said that no takeover should be granted unless a two-thirds stake was secured. This was to ensure that the buyer would have complete control.
Euronext is the leading pan-European exchange in the Eurozone, covering Belgium, France, Ireland, The Netherlands, Portugal and the UK. With a registered office in Amsterdam, Euronext operates exchanges in other markets such as Brussels, London, Lisbon, Dublin, and Paris. It also provides listing market data, market solutions, and custody and settlement services.