Euronext Takes Over Oslo Bors Under Norwegian Government Approval


The European stock market operator, Euronext, has just won a clearance from the Norwegian Ministry of Finance to take over Oslo Bors in full, as the company announced.

The article was updated on 04 December, 2019 by Amicus.

13 May, 2019 | AtoZ Markets – “Euronext welcomes the ministry’s clearance to acquire up to 100% of Oslo Børs VPS’s capital. And it looks forward to completing the next steps to close the transaction by the end of June,” said Chief Executive of Euronext Stéphane Boujnah.

Euronext had been competing with Nasdaq for winning this clearance for five months, before the ministry made a decision today, 13 May.

“Euronext looks forward to supporting the Norwegian financial and business community. That is to work constructively with all key constituents and stakeholders to further drive the success of Oslo Børs VPS,” Boujnah said.

Both companies offered 158 Norwegian crowns per share for Oslo Bors. That is valuing Oslo Bors at around 6.8 billion Norwegian crowns ($779 million.

Euronext has already secured a stake of more than 50% in Oslo Bors. However, Nasdaq insisted that no side takes over before proving to obtain a two-third stake.

Nasdaq Is Disappointment with the Ministry’s Decision

On its turn, Nasdaq, which expressed its disappointment at the decision by the government. As per Reuters, it said, “it would assess its options over what to do next regarding Oslo Bors.”

“The Ministry of Finance has confirmed that Nasdaq is a suitable owner of Oslo Børs VPS following the applicable Norwegian statutory requirements. The decision is not to require a two-thirds majority of the shares. That is to be obtained by any person seeking to acquire control of Oslo Børs VPS is disappointing. Lauri Rosendahl, president of Nasdaq Nordic, said it.

Nasdaq also said on its website that it “controls more than a third of Oslo Bors with support from the Norwegian market operator’s major shareholders DNB and KLP. And it had been hoping to block Euronext’s bid.”

It is worth mentioning that “Oslo Børs VPS Holding ASA owns Oslo Børs ASA. That is also the owner of Verdipapirsentralen ASA and Oslo Market Solution AS. The three largest shareholders in Oslo Børs VPS Holding are DNB Livsforsikring ASA. They own 24,58 percent of the shares, Kommunal Landspensjonskasse (KLP) with 12,40 percent and Pareto Invest AS with 10,56 percent. According to Oslo Børs VPS Holding’s list of shareholders, Euronext is the owner of 8,69 percent of the shares. And Nasdaq owns 2,43 percent.” The Norwegian Ministry of Finance said that on its website.

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