Nasdaq withdraws offer to acquire Oslo stock exchange

Nasdaq withdraws offer to acquire Oslo stock exchange
Photo: Spencer Platt/Getty Images North America/AFP
US stock market operator Nasdaq has said it is withdrawing its offer 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 on Monday.
 
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.
 

CEO of Nasdaq Nordics, Lauri Rosendahl, left, and CEO of Oslo Bors VPS, Bente A Landsnes. Photo: Heiko Junge/NTB Scanpix/AFP
 
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 13th 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. 

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