ZCZC
BCN-17
NORWAY-US-STOCK-MARKET-TAKEOVER
Nasdaq withdraws offer to acquire Oslo stock exchange
OSLO, May 27, 2019 (BSS/AFP) – US stock market operator Nasdaq said Monday
it was withdrawing its offer of nearly 700 million euros ($784 million) to
acquire the Oslo Stock Exchange, clearing the way for its European competitor
Euronext.
“This decision has been made because under the current circumstances the
minimum acceptance condition for completion of the offer is incapable of
being satisfied,” the company said in a statement.
Nasdaq, which controls all the other Nordic stock exchanges, has been
battling with Euronext to acquire the stock exchange since the start of the
year.
Nasdaq had the blessing of the bourse’s board and management, but Euronext
gained an advantage by securing the support of a majority of the Oslo
exchange’s shareholders.
The US stock operator’s hopes were dashed on May 13 when the Norwegian
government declared that both Euronext and Nasdaq were “suitable owners”.
Euronext already manages the stock exchanges of Paris, Brussels,
Amsterdam, Lisbon and Dublin and aims to complete the transaction by the end
of June.
BSS/AFP/HR/1330