”Euronext wins the struggle for Oslo Børs” reads the article on Norwegian news site Nettavisen, which on Sunday evening said it had several central sources confirm that Nasdaq is in effect out of the game. And Monday morning the underlying facts were confirmed by the government’s department of finance.
Same price – different holdings
Euronext and Nasdaq have both bid the same price for all outstanding shares, but French-Dutch Euronext is ahead in the race with 53,4 percent of all shares already in its control. Nasdaq’s plea that a full takeover should require two thirds of the shares, rather than just half of them, has been its hope to stay in the race.
Technically, the finance department opens for either company to become the owner, but by saying 50 percent is enough it essentially hands victory to Euronext.
In a press release, Lauri Rosendahl, president of Nasdaq Nordic, calls the decision disappointing – while Euronext not surprisingly welcomes the decision.