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Euronext has received approval from the Norwegian market regulators to take over Oslo Børs, reinforcing its grip on a four-month pursuit of Norway's largest market.
The group, headquartered in Paris, said Monday that the Norwegian financial supervisor had acknowledged that he was a good owner of Oslo. Euronext therefore no longer needs the approval of the Norwegian government to conclude the transaction. It has already obtained 53% of the shares of Oslo and obtained the authorization of its own regulators to buy the rest of the Oslo Stock Exchange.
The aim is to close the OPA saga by the end of June, putting an end to the conflict between the shareholders and the Oslo board, which began when a majority of shareholders sold their holdings in Euronext before Christmas without the knowledge of the board of directors.
The board approved a competing bid from the US operator Nasdaq, which corresponds to the Euronext offer price at 158 Norwegian kroner per share. The proposed prices are worth around € 700 million in Oslo. The battle of the takeovers divided the shareholders, 35% of them preferring the Nasdaq approach.
Last week, Euronext announced that Tom Vidar Tygh, the former chairman of Oslo Børs, would join the board as an independent director once the deal was finalized.
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