PARIS/OSLO: Pan-European exchanges group Euronext NV, which plans a bid to buy Oslo Bors, said on Friday it had now secured the backing of a majority of shareholders in the Norwegian stock market operator.
Euronext said shareholders representing 50.6 per cent of the capital of Oslo Bors had agreed to sell their shares ahead of the tender offer that Paris-listed Euronext plans to launch in the coming weeks.
On Monday, Euronext had said shareholders representing 49.6 per cent of Oslo Bors’ capital backed its bid.
Euronext, which already operates bourses in Paris, Amsterdam, Brussels, Lisbon and Dublin, has offered to buy Oslo Bors for 625 million euros ($716 million), a price that represents a 21 per cent premium to the Norwegian firm’s share price at the close of trade on December 21.
“Exceeding the 50 per cent of total outstanding shares threshold shows the interest from Oslo Bors VPS shareholders... satisfying one of the conditions required for its completion and strengthening Euronext’s confidence on its successful outcome,” Euronext said in a statement.
Euronext already owns a 5.1 per cent stake in Oslo Bors but owning more than 10 per cent would require approval from the Norwegian government, which may hinge on the contents of Euronext’s upcoming offer document.
While some Norwegian opposition politicians have been sceptical of the deal, a junior government minister struck a conciliatory note on Friday.
“This could result in even better, cheaper services for Norwegian investors via increased investment in new technology. It’ll be interesting to see what the (Oslo Bors) board says,” Svein Flaatten told business daily Finansavisen.
Oslo Bors, which is due to celebrate its 200th anniversary in 2019, will give its view on the offer when the bid has been formally presented, a spokesman said.
Euronext seeks to build a diversified pan-European group of stock markets but opportunities in the region are scarce, either because operators already belong to industry heavyweights such as London Stock Exchange and Nasdaq Inc or because shareholders want to remain independent. — Reuters
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